Irish consumers are not seeing a boom and they are nervous about what lies ahead for the economy.
The latest KBC - Bank of Ireland - ESRI survey shows consumers are spending less since Christmas.
Spokesperson Austin Hughes says this is driven by disappointing household finances and concerns about the future.
"I think it reflects the fact that while people are still positive about the economy, they sense employment is picking up, there is a strong sense that there are worries about the recovery continuing - because of Brexit, because of maybe changes in the US.
"There is also an even stronger sense that consumers feel they haven't benefited from the upturn," he said.