Thursday, July 21, 2022

Consumer sentiment fell to a 21-month low in July on concerns that a darkening economic outlook would hit personal finances in the coming months.

KBC Bank’s Irish consumer sentiment index slipped to 53.7 in July from 57.7 in June, its fifth fall in six months.

That compares to the 2022 high of 81.9 hit in January and to a 10-year low of 42.6 set in April 2020 following the onset of Covid-19.

July’s weakening was most pronounced in elements of the survey focussed on consumers’ personal finances circumstances, economist Austin Hughes said.

The subindex measuring consumers’ potential for major purchases remained strong at 83.1, down from 84.9 in June.

“In a generally downbeat sentiment survey for July, perhaps the most encouraging element was a relatively limited adjustment in consumers spending plans,” Mr Hughes added. -Reuters

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