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Wednesday 1 October 2014

Consumer confidence highest since bust, new figures show

Published 04/02/2014 | 11:55

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Pic Shows: General viewÄôs of shoppers enjoying the sales on DublinÄôs Graton street this evening (Friday) 27-12-2013.
Pic: Collins Photos.
Shoppers on Dublin's Grafton Street

CONSUMERS have started the year in a upbeat mood.

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The consumer sentiment index for January hit its highest level since May 2007, in response to Christmas sales and an improving jobs outlook.

Economists said that fears about household finances are easing.

The KBC Bank/ESRI Consumer Sentiment Index rose to 84.6 in January from 79.8 in December, taking the index to its highest level since May 2007.

KBC Bank economist Austin Hughes said it was not the case that consumers feel their economic conditions were back to normal.

“We would argue that the trend in sentiment data through the past year is consistent with a sense that Irish consumers are gradually recovering from the extreme difficulties of recent years.

“Painful legacies of the crisis mean that this is likely to be a lengthy and ‘choppy’ process rather than a smooth pick-up in sentiment.”

But he said that consumers are gradually recovering from the painful economic hits of the past five years.

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