Consumers starting to gain confidence

Consumer sentiment rose in January as the speculated economic Armageddon did not arise but consumers are braced for a tough year, worried about their living standards and jobs, the latest KBC Bank Ireland/ESRI Consumer Sentiment Index indicates.

Consumers starting to gain confidence

The KBC Bank Ireland/ESRI Consumer Sentiment Index rose to 56.6 in January from 49.2 in December. This 7.4 point gain clawed back two thirds of the 10.9 point drop seen between November and December. More than half of those surveyed in January expect their personal finances to worsen, while almost five times as many as expect an improvement.

KBC Bank Ireland chief economist Austin Hughes said the reading suggests Irish consumers remain gloomy about the outlook for their personal finances and the economy as a whole.

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