Consumer sentiment declines slightly amid layoffs and sticky high costs, survey shows

Roughly 34% of respondents said they save regularly while a further 27% said they save occasionally. Another 32% said they are unable to save

Sentiment has fallen between January and February in eight of the past 10 years, according to the survey. Picture: Stephen Collins/Collins

Consumer confidence declined slightly in recent weeks as the tight labour market casts doubt on job opportunities and stubborn costs continue to bite, according to a new survey.

The ongoing slowdown in the tech sector which has led to more layoffs already this year in addition to health insurance costs, a rise in fuel prices and a vague roadmap for when the European Central Bank (ECB) will cut interest rates have contributed to pressure on household finances, according to the Credit Union Consumer Confidence Index for February.