Most people expect house values to keep rising and goods prices to increase over next five years

Irish Independent

25-04-2025

A majority expect the economies in both the Republic and Northern Ireland to be weaker over the next five years, a new report looking at consumer expectations up to 2030 shows.
Consumers in the Republic expect a weaker economy, less favourable job prospects and higher inflation in 2030, according to a special edition of the Credit Union Consumer Sentiment Survey.
The outlook for jobs is the main concern for consumers in the North and in the Republic.
The survey looked at consumer thinking over the next five years on economic activity, job prospects, inflation, house prices and household incomes in the Republic and the North.
Its results indicate a slowdown rather than a slump ahead, said economist Austin Hughes, who analysed the research.
Thirty-seven per cent of those surveyed in the Republic, and 39pc in the North, believe that the jobs market will be weaker over the next five years.
Consumers on both sides of the Border are worried about US tariffs. But the survey suggests tariffs are not the only worry for consumers. Cost-of-living concerns and infrastructure shortfalls are other issues for people, the research, carried out by Core, reveals.
Seven out of 10 consumers, in both the Republic and the North, think house prices will be higher in 2030. Just 11pc expect a fall in prices.
Thirty-four per cent of respondents say they will earn more, but 29pc expect a decline.
Consumers in the North think economic conditions will weaken over the next five years, but not as much as previously thought.
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Job prospects in the North are expected to be notably weaker in 2030.
Overall, consumers in the Republic are more positive on the five-year outlook for the economy and jobs than consumers in the North.
However, people in the Republic are even more strongly of the view that inflation and house prices will be higher in 2030.
Mr Hughes said the results show there are more similarities than differences between consumer thinking in the Republic and the North.
People on both sides of the Border have common concerns on the 'macro' economic outlook .
'With the threat of a trade war highlighting common global concerns, and improving domestic activity and incomes of late giving some shared sense of more positive developments, the sentiment survey suggests there are good grounds for more similarities than differences in the views of consumers in the Republic of Ireland and Northern Ireland on their economic and financial circumstances,' Mr Hughes said.
He said the fact that views are similar on both sides of the Border may reflect much improved Northern Irish economic performance.
Mr Hughes said the survey hints that, from a consumer perspective, the economies of the Republic and Northern Ireland have been on similar rather than divergent paths in recent years.
'Consumers in both the Republic and Northern Ireland also appear to be seeing some more encouraging signs in their economic circumstances with household incomes expected to be higher in 2030,' he said.
There is a broad belief that house prices will be higher in both the Republic and Northern Ireland in 2030, he said.