Ireland Consumer Confidence May 2022

Ireland

Ireland: Consumer confidence eases in May

May 26, 2022

Consumer confidence came in at 55.5 in May, down from April's 57.7. May's result marked the fourth consecutive drop in sentiment and the weakest reading since October 2020, when the economy was still in the throes of the Covid-19 pandemic.

The softer reading was due to an across-the-board decline in the index’s subcomponents. Concerns about the cost of living, the prospect of rising borrowing costs and a slowing global economy likely weighed on sentiment.

That said, it appears as though consumers may already have priced these developments in: The drop in consumer sentiment was less severe than in the past two months and intentions to make major purchases even rose slightly compared to last month.

FocusEconomics Consensus Forecast panelists see private consumption expanding 5.6% in 2022, which is down 0.5 percentage points from last month’s forecast. In 2023, the panel projects private consumption growth at 3.1%.


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Ireland Consumer Confidence May 2022 0

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


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