Ireland’s Consumers Turn More Positive About Economy, Guarded About Spending - Forex News by FX Leaders
Ireland's Consumers Turn More Positive About Economy, Guarded About Spending

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

Posted Thursday, March 25, 2021 by
Arslan Butt • 1 min read

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

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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