Ireland Consumer Confidence March 2022

Ireland

Ireland: Consumer confidence deteriorates in March to lowest level since January 2021

March 24, 2022

Consumer confidence came in at 67.0 in March, down from February's 77.0. March's result marked the weakest sentiment since January 2021. The month-on-month drop was the sharpest since April 2020 (a 34.7-point drop), the date of the first lockdown taken in response to the arrival of the Covid-19 virus.

The softer reading was due to an across-the-board decline in the index’s subsectors, amid the impact of the war in Ukraine on energy prices and on the cost of living. Consumers downgraded their view of their personal finances over the past year by the greatest amount, with other especially large downgrades noted in consumers’ view of the current and future state of the economy. This said, consumers’ employment outlook was relatively robust, suggesting that spending will be supported somewhat by a still-strong labor market despite the effect of the war in Ukraine on inflation.

FocusEconomics Consensus Forecast panelists see private consumption expanding 6.1% in 2022, which is up 0.1 percentage points from last month’s forecast. In 2023, the panel projects private consumption growth at 2.9%.


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Ireland Consumer Confidence March 2022

Note: The KBC Bank Ireland Consumer Sentiment Index.
Source: KBC Bank Ireland.


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