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Financial News: Ireland's Consumer Confidence Weakens In August

Ireland's Consumer Confidence Weakens In August

09/06/2017 - 01:20:00 (RTTNews)

(RTTNews) - Ireland's consumer sentiment weakened in August as consumers reined in their spending plans and continued to report only limited gains in their personal finances, survey data from KBC Bank and Economic and Social Research Institute showed Wednesday.

The KBC Bank/ESRI consumer sentiment index fell to 102.9 in August from the 17-month high of 105.1 registered in July.

The survey suggested that sentiment was broadly positive but Irish consumers were still cautious because household spending power remain constrained.

The index of current conditions declined to 117.0 from 124.6 a month ago. Meanwhile, the index of consumer expectations rose to 93.3 from 92.0.

Irish consumers remained positive in relation to the prospects for the Irish economy and the outlook for jobs. The general economic outlook indicator improved to 71.7 from 68.0. Likewise, the index for outlook for employment rose to 94.4 from 92.6.

There was a significant fall in the willingness to make large household purchases, with the index easing to 128.4 from 142.2.

With regard to their personal financial situation, Irish households reported a small deterioration relative to 12 months ago and a somewhat larger weakening for the coming 12 months.

The indicator measuring past financial situation came in at 103.2 versus 103.3 in previous month. At the same time, the future personal financial situation index fell to 118.2 from 120.0.

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