According to the recent Irish Consumer Sentiment survey conducted by the Credit Union, consumer confidence experienced a minor upturn in October. David Malone, CEO of the Irish League of Credit Unions, called this small uptick promising, as it indicated a stable economy, with a slight easing in the cost-of-living.
The survey, put together in collaboration with Core Research, evaluates consumer perspectives on the impact of the 2025 Budget on their household economy, and wider expectations covering housing, health, and infrastructure.
Participants expressed most dissatisfaction with efforts to address issues in housing and health. The sentiment index, which is monitored monthly, witnessed a small increase from 71.9 in September to 74.1 in October, and a considerable rise from the previous year’s 60.4 in the same month. However, these figures still trail the long-term average of 84.3. Austin Hughes, a researcher, mentioned that although anxieties are lessening, they still persist. He pointed out that the current economic conditions show signs of steady, albeit inconsistent improvement compared to previous years.
Fears related to job loss saw a decline in October, primarily because there were fewer warnings about local business closures compared to earlier months, which always lead to concerns about job security.
Households struggling financially were of the opinion that the budget wouldn’t bring much effect on their financial situation. A mere 4% of respondents believed the budget would significantly enhance their living standards, with 47% claiming otherwise, and another 42% predicting minor improvements only.
31% felt that housing crisis measures were extremely inadequate, and 28% voiced similar views on healthcare measures. However, the increment in social welfare rates received a positive response, with 29% applauding the initiative.
The Credit Union Irish Consumer Sentiment Survey involved 1,000 participants, and was carried out between October 4, 2024, and October 15, 2024, in collaboration with Core Research.