Ireland’s Consumers Turn More Positive About Economy, Guarded About Spending

Consumers across Ireland have turned more confident about economic conditions over rising hopes that the coronavirus crisis would soon come under control and restrictions start easing over the coming months. KBC Bank’s consumer sentiment index registered a sharp increase to 77.1 during March from 70.8 in the previous month, significantly above the low of 42.6 in April 2020 following the announcement of the first round of lockdowns.

Consumers have turned more optimistic about the Irish economy’s capability to overcome the impact of the pandemic However, they still remain cautious about their personal finances and spending plans, which reveal that uncertainties about the economic outlook still weigh on consumers’ minds.

Around 25% of consumers surveyed expect Ireland’s economy to grow over the coming year, while around 12.5% anticipate further contraction instead. However, more consumers expressed pessimism about the state of their household finances over the next 12 months, indicating a weaker outlook on spending.

What is encouraging, however, is that around 23% of consumers have plans to indulge in record levels of spending from the money saved up over the past year. 9% of consumers have made plans to invest in major projects such as purchase or renovation of homes while 22% are planning to set aside their savings for possible upcoming emergencies.

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ABOUT THE AUTHOR See More
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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