Ireland's 'boom and bust' cycle fuels consumer sentiment negativity

Report marking 30 years of Credit Union Consumer Sentiment Index shows households substantially wealthier over past 30 years yet sentiment is broadly negative

Irish consumers are substantially wealthier over the past 30 years yet sentiment across households is broadly negative, a new report marking 30 years of the Credit Union Consumer Sentiment Index shows.

Irish consumers are substantially wealthier over the past 30 years yet sentiment across households is broadly negative, a new report marking 30 years of the Credit Union Consumer Sentiment Index shows.

The findings also show most respondents believe housing and living costs are worse now than 30 years ago, while housing and financial security are also seen as remaining major concerns in 30 years’ time.

The research published on Thursday examined consumer sentiment dating back to 1996, when the first Credit Union Consumer Sentiment Index was published. When analysed alongside other economic indicators, it shows that consumer spending in Ireland has increased by approximately 90% over the past 30 years, compared to an EU average of 47%.

In 2026, the average household wealth per person is now more than three times its 1996 level, however sentiment remains weak. The survey publishes a score each month, with a higher score suggesting higher positive consumer sentiment. The September 2026 Consumer Sentiment Index shows consumer confidence at 61.1, well below the long-term 30-year average of 83.0, and its peak of 130.9 in 2000.

'Living through periods of boom and bust'

“The past 30 years have seen Ireland build a hugely successful economy, but this has not automatically translated to an increase in consumer confidence. The sentiment survey suggests that living through periods of boom and bust has made Irish consumers focus more on persistent day-to-day pressures, rather than on wealth that might not be permanent," said economist Austin Hughes.

Core Research which conducts research for the sentiment index, said 75% of respondents in September believe the cost of everyday living is worse now than 30 years ago. The same figure (75%) believes the ability to afford or buy a home is worse.

More than half (54%) believe people’s ability to save money has deteriorated, and 54% believe consumers’ financial security is worse.

Some 52% believe mental health and wellbeing has deteriorated while 51% believe the sense of local community has weakened.

Looking to the next 30 years, consumers are cautiously optimistic about some aspects of Ireland's future. Almost half (48%) expect Ireland’s understanding of environmental issues to improve further, while a similar proportion (45%) expect better education opportunities. 

Expectations for overall quality of life are also somewhat more positive than negative (35% vs 32% respectively). However, financial concerns do persist. Almost half (47%) believe housing affordability will worsen by 2056, while many also expect the cost of living (46%), financial security (37%) and the ability to save (37%) to come under greater pressure. Expectations for financial security, saving and local community are also more negative than positive.