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Financial News: Ireland Consumer Sentiment At 17-Year High

Ireland Consumer Sentiment At 17-Year High

02/12/2018 - 01:13:00 (RTTNews)

(RTTNews) - Ireland's consumer confidence reached a 17-year high in January reflecting robust economy, survey results from KBC Bank and the Economic and Social Research Institute showed Monday.

The consumer sentiment index rose to 110.4 in January from 103.2 in December. This was the highest score since February 2001.

However, the survey suggested that the improvement was largely driven by bargain hunting in post-Christmas sales. This strong 'seasonal' element to jump in January may be reversed in coming months, the survey cautioned.

An improvement in all five main components of the survey points to a distinct improvement in the mood of Irish consumers at the start of 2018.

The index of current conditions improved to 129.6 from 122.9 a month ago. Likewise, the index of consumer expectations came in at 97.5, up from 90 in December.

The general economic outlook index climbed to 73.4 from 65.3. Similarly, the outlook for employment index rose to 98.0 from 94.3 in the previous month.

The indicator measuring past personal financial situation improved to 108 and that for coming twelve months gained to 125.6.

Austin Hughes, KBC Bank Ireland, said, "The sharp rise in sentiment in January partly reflects the continuing improvement in the Irish economy that now seems to be reaching more broadly across Irish consumers."

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