Ireland Consumer Confidence April 2022

Ireland

Ireland: Consumer confidence falls in April to lowest level since October 2020

April 21, 2022

Consumer confidence came in at 57.7 in April, down from March's 67.0. April's result marked the weakest sentiment since October 2020. The fall in consumer confidence in February–April was the second sharpest in the survey’s 26 year history, second to only the collapse in sentiment following the spread of the Covid-19 virus in spring 2020.

The softer reading was due to an across-the-board decline in the index’s subcomponents. In a change from last month, subcomponents related to personal finances dropped most sharply amid soaring energy and food prices. Consumers revised down their spending plans, suggesting a potentially significant slowdown in private consumption in what remains of 2022. Meanwhile, consumers’ view of the current and future state of the economy also darkened, painting an increasingly gloomy view of consumers’ economic outlook.

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 April 2022

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


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