Ireland Consumer Confidence October 2020

Ireland

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.

FocusEconomics Consensus Forecast panelists project private consumption to contract 9.9% in 2020, which is from down 0.2 percentage points last month’s forecast. For 2021, the panel sees private consumption expanding 5.4%, which is down 0.4 percentage points from last month’s estimate.


Author:, Economist

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Ireland Consumer Confidence October 20 20

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


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