CONSUMER CONFIDENCE faltered slightly last month, after lifting significantly in October, but there are signs that the “panic” that gripped individuals over the past year is easing.
The overall KBC Ireland/ESRI Consumer Sentiment Index (CSI) was fractionally lower in November at 53.6. David Duffy, economist at the ESRI, pointed out that, while consumers are still concerned about the economy and the jobs market, the index remains well clear of the all-time low of just below 40 hit in July 2008.
KBC economist Austin Hughes said the underlying trend in consumer sentiment continues to improve, despite the dip.
The index’s three-month moving average rose to 52.5 from 50.8 in October. When compared to an index reading of 43.9 a year ago, this shows a marked improvement in the mood of consumers.
“The November results are fairly encouraging, particularly as consumer confidence weakened in the US, UK and Germany last month,” Mr Hughes said.
Even if consumers here are still anxious about the outlook for the economy and jobs, there are signs that some of the panic that gripped them for the past year may be starting to ease, he added.
