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Irish Consumer Confidence Takes A Hit

Published on Oct 28 2021 12:00 PM in General Industry tagged: Irish Consumer Sentiment / Bank of Ireland’s Economic Pulse

Irish Consumer Confidence Takes A Hit

As reported by The Irish Independent, Irish consumer confidence took a hit this month as inflation and uncertainty over public health restrictions put the brakes on a strong recovery trend, according...

As reported by The Irish Independent, Irish consumer confidence took a hit this month as inflation and uncertainty over public health restrictions put the brakes on a strong recovery trend, according to Bank of Ireland's Economic Pulse.

Consumer Sentiment

The monthly reading of economic sentiment reportedly found households had lowered their outlook and were more downbeat about their own financial situation, with 85% expecting price rises in the coming year.

Bank of Ireland chief economist Loretta O’Sullivan reportedly said, "Consumers were more hesitant this month, with various worries, not least increases in the cost of living and the rise in virus cases, taking the shine off households' mood.

"This month's research finds that uncertainty is hampering activity in sectors like hospitality and arts and entertainment for example, while firms in industry are grappling with supply bottlenecks and higher input costs, with adverse implications for export competitiveness."

Business sentiment was reportedly steady, however, reportedly bolstered by a strong upsurge in construction and a lift in retail.

Three-quarters of respondents reportedly said now was a good time to sell property, reportedly up from 25% during lockdown.

© 2021 Hospitality Ireland – your source for the latest industry news. Article by Conor Farrelly. Click subscribe to sign up for the Hospitality Ireland print edition.

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