Ireland Consumer Confidence January 2017

Ireland

Ireland: Consumer sentiment rebounds strongly in January

February 16, 2017

In January, the KBC Bank Ireland/ESRI Consumer Sentiment Index rebounded from December’s 22-month low of 96.2 points to 103.1 points. The strong rebound observed in January does not reflect a dramatic improvement in Irish economic fundamentals rather improved optimism since there has been no economic fallout yet following Donald Trump taking office in the U.S. Despite the strong reading, the survey pointed out that Irish consumers could face possible economic challenges in the months to come.

January’s print reflects an across-the-board increase in all five of the main components of the index. The outlook on current economic conditions rose to its best print in two years. Financial expectations for the next year improved markedly as well as consumers’ willingness to purchase big ticket items.

KBC stressed that the survey, “simply reflects a ‘relief rally’ form of reaction to the absence of a widely feared immediate economic and financial fall-out and the emergence instead of a notably more positive than anticipated trend in a range of relevant indicators of late.”

FocusEconomics Consensus Forecast panelists expect private consumption to expand 2.9% in 2017, which is unchanged from last month’s forecast. For 2018, the panel sees private consumption increasing 2.7%.


Author: Jean-Philippe Pourcelot, Economist

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Ireland Consumer Confidence January 2017

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


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