National consumer confidence at the end of last year was at its highest level since the recession and Ireland is now the sixth most confident country in Europe, the latest Nielsen Global Survey of Consumer Confidence and Spending Intentions indicates. The country’s Consumer Confidence Index (CCI) score hit 100 in the final two quarters of 2016.
The index measures attitudes each quarter on topics such as personal finances and job prospects. It is the first time it has reached this mark in nine years. A score over 100 indicates degrees of optimism, below 100, degrees of pessimism. The latest quarterly study shows the number of Irish consumers feeling positive about job prospects.
The number here its highest level since the recession (58 per cent), the third highest in Europe, behind the Czech Republic and Switzerland. Those who have changed their spending habits hit its lowest level since the recession, on 59 per cent. Those who switched to cheaper grocery brands to save money – an activity often regarded as a barometer of consumer sentiment and behaviour – hit its lowest level since the recession – on 32 per cent.
Feeling positive about personal finances and feeling now is a good time to make purchases stood at 52 per cent. Alongside this, the amount Irish consumers spent on everyday groceries increased by 2.1 per cent in the last quarter of 2016 versus compared to the same period in 2015 – the seventh consecutive quarterly rise. The rise was based on a 1.5 per cent increase in the amount of groceries bought and a 0.6 per cent rise in average prices paid.
Ireland outperformed Europe as a whole (up 1.8 per cent) and the UK (0.7 per cent rise). The global CCI stands one point above Ireland at 101, while Europe’s is 81 and the UK 102. India (136) has the highest score globally, South Korea the lowest (43). The scores are derived from Nielsen’s study which measures 30,000 online consumers in 63 countries.
To view historical trends for all countries, broken down by metrics such as financial concerns and job prospects, visit the interactive Nielsen Global Consumer Confidence Trend Tracker
