Ireland: Consumer confidence plunges to five-month low in October
October 23, 2020
The KBC Bank Ireland/ESRI consumer confidence index plunged to 52.6 in October from September's 60.7, marking the worst reading since May. As a result, the index moved further below the 100-threshold, separating pessimism from optimism among consumers.
October’s downturn was broad-based and largely reflected rising consumers’ worries over the impact of the rapidly increasing coronavirus cases and potential renewed restrictions. Households’ perception of the general economic situation turned markedly more pessimistic in October, as did their appraisal of their past and future personal financial situation. Moreover, consumers’ willingness to purchase large ticket items also turned more negative compared to the previous month. Lastly, consumers’ outlook for employment also soured notably in the month.
Author: Hanna Andersson, Economist