Ireland: Consumer confidence in July recedes from over-nine-year high
July 31, 2015
In July, the KBC Bank Ireland/ESRI Consumer Sentiment Index moderated slightly from June’s 102.8 points, which marked the highest level since February 2006, to 99.7 points. July’s setback mainly reflected that consumers assessed the current economic conditions and, to a lesser extent, the economic prospects in the next 12 months less positively than in June. Four of the five subcategories that comprise the index fell compared to the previous month. While consumers were more upbeat about their personal financial situation in the next 12 months, they were less positive about their financial situation over the past 12 months. In addition, consumers assessed the general economic outlook and the outlook for unemployment less positively than in June and there were less optimistic regarding major purchases.
According to the survey report, July’s print suggests that, “consumers are feeling more uncertain this month regarding current economic conditions and expectations. While there has been some volatility in the Index in the first six months of the year the broad trend, as suggested by the three-month moving averages, has remained very positive. […] Economic conditions in the domestic economy and the wider euro area may have created some uncertainty for consumers in July.”