Ireland: Consumer confidence hits eight-month high, but remains deep in negative territory in November
November 24, 2020
The KBC Bank Ireland/ESRI consumer confidence jumped to 65.5 in November from October's 52.6, marking the best reading since March. Nevertheless, the index remained significant below the 100-threshold, indicating pessimism among consumers.
November’s improvement was largely driven by consumers’ less pessimistic perception of the general economic outlook as well as their expected personal financial situation in the 12 months ahead. Moreover, consumers turned less pessimistic with regard to the outlook for unemployment, while their appraisal of their personal financial situation in the past year also turned less negative. Lastly, households’ willingness to purchase large ticket items improved from the previous month.
Author: Hanna Andersson, Economist