Business more optimistic about prospects than consumers

Business leaders in Ireland are more positive about the likely signs of economic recovery than consumers with 27 per cent of those in business believing that while the economic situation is bad it has stabilished, a study by the iReach market research agency has reported.
While 15 per cent of business leaders think the economy is showing clear signs of recovery, just one per cent believe there is evidence that there are signs of recovery. But Irish consumers seem to be far less positive in their view of the economy.
Although 23 per cent feel the situation has stabilised and another 13 per cent are seeing some signs of recovery, 61 per cent of Irish consumers still believe that the economic situation is deteriorating.
Consumers expect the cost of groceries, clothing, footwear and home bills (rent, utilities and mortgages) to be lower this time next year. Eight in every ten Irish consumers are reducing non-essential spending with 67 per cent using sales and promotional discounts.
Younger Irish consumers (18-30 year olds) are more optimistic than their older counterparts with those over 60 being the most pessimistic about current prospects.
Oisin Byrne of iReach said the study, conducted in July, was based on a nationally representative sample of 1,000 adults and 250 business leaders across companies of various sizes.