Irish consumer confidence indexed at 65 in Q4 2012, well below the global consumer confidence index of 91. While Ireland suffered a two-point decline in confidence compared to Q3 2012, confidence has increased five points when compared to Q4 2011.
The recessionary mindset however is still pessimistic at 95%. Only 18% of respondents stated that they are optimistic about future job prospects, and, with only 1 in 4 optimistic about finances, it’s clear that majority of consumers are not yet ready to spend. The biggest concerns remain the economy (4%), jobs (+2%) and debt (+4%). 84% said that they have changed their household spending in order to save – far above the European average of 67%. In general, consumers are proceeding with caution in 2013, showing renewed discretionary spending restraint in the last quarter amid global economic and political uncertainty. However if things improve, consumer confidence could rebound later in the year.