Irish Consumer Sentiment Dips in August as Lockdowns Reimposed

The sentiment among consumers across Ireland declined during August as the country reimposed lockdown restrictions in some regions as

Irish Consumer Sentiment Dips in August as Lockdowns Reimposed

The sentiment among consumers across Ireland declined during August as the country reimposed lockdown restrictions in some regions as coronavirus cases climbed higher. The KBC Bank consumer sentiment index slipped from 62.6 in July to 58.9 for the month of August, highlighting worries about delay in economic recovery in the wake of the ongoing crisis.

While uncertainty remains high, spending power and pent-up demand among consumers in the country are likely to keep the sentiment supported in the coming months. The dip in August’s reading was driven solely due to the fresh lockdowns in Europe’s fastest growing economy.

KBC Ireland chief economist Austin Hughes observes, “There have been some very positive elements in recent spending data that, together with the trend in consumer confidence in recent months, point to a clear turnaround in sentiment and spending from April’s low-point. However, the muted survey results for both July and August suggest that we may be seeing a limited rebound rather than the first signs of a lasting recovery in Irish economic conditions of late.”

Unlike several other countries across Europe, Ireland continued with strict lockdown measures for an extended period of time amid a rise in the number of coronavirus cases even as other countries started reopening their economies.

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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