| 17.9°C Dublin

Close

Premium

Confidence takes biggest hit since records began as spending dives

Close

Economist Austin Hughes called the shift a sea-change

Economist Austin Hughes called the shift a sea-change

Economist Austin Hughes called the shift a sea-change

Consumers confidence has recorded its biggest monthly fall since it was first surveyed 24 years ago, while spending is set to plummet by €2.6bn a month compared to last year.

Experts said the April reading suggested a sea-change in Irish consumers' thinking about their economic circumstances in response to the coronavirus.

The 35-point fall in sentiment was larger than that recorded in the US, according to KBC Bank.