Ireland Consumer Confidence July 2020

Ireland

Ireland: Consumer confidence improves in July

July 20, 2020

The KBC Bank Ireland/ESRI consumer confidence index came in at 62.6 in July, up from June's 61.6 and further above the 42.6 reading of April, which was the second lowest on record and due to the pandemic. Nevertheless, the index remained well below the 100-threshold separating pessimism from optimism among consumers.

July’s improvement came was largely driven by improving customers’ views of their current and previous financial situation, as well households’ higher willingness to purchase large ticket items. That said, consumers’ outlook for unemployment was more pessimistic compared to the previous month, while their appraisal of the general economic outlook deteriorated, weighing on the overall reading.

FocusEconomics Consensus Forecast panelists project private consumption to contract 9.1% in 2020, which is down 0.9 percentage points from last month’s forecast. For 2021, the panel sees private consumption expanding 5.6%.


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Ireland Consumer Confidence July 20 20

Note: The KBC Bank Ireland/ESRI Consumer Sentiment Index.
Source: The Economic and Social Research Institute (ESRI).


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