Ireland: Consumer confidence steady at October’s three-month high in November
Latest reading: Consumer confidence came in at 74.1 in November, matching October’s three-month high. While consumers became less pessimistic with respect to their outlook for the economy, they became more pessimistic regarding their financial situation a year ago and a year ahead.
Overall, consumer confidence remains far below the long-run average of 84.3, but has trended up since late 2022 as inflation and interest rates have declined. The government’s recent budget containing EUR 10.5 billion of pre-election tax cuts and extra spending has likely lent further support. Nonetheless, our panelists anticipate the growth of consumer spending to ease in 2024 and improve only slightly in 2025, in part due to a higher base of comparison—with outlays surging at an above-trend pace in the last three years—and shrinking savings pots.