Consumers reining in their spending

IRISH consumers are slow to spend on anything except essentials because of the eurozone crisis.

They are also worried at the prospect of a double-dip world recession caused by the situation in Greece, according to the latest Credit Crunch Tracking Report from Red C.

It showed expectations for an improvement in the global economy are bleaker than at the onset of the recession, with almost 60% expecting the situation to worsen over the next six months.