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Irish Times
23-05-2025
- Business
- Irish Times
Cooling-off of tariff rhetoric boosts Irish consumer confidence
The cooling-off of tariff rhetoric in May slightly improved shoppers' confidence, though it remains well below the long-term level, a new survey has indicated. Amid the cost-of-living crisis, 15 per cent of Irish consumers say they would not be able to cope with an emergency cost of €1,000, according to the Irish League of Credit Unions (ILCU). 'With some rollback of the scale and timing of increased tariffs in recent weeks and a sequence of largely reassuring domestic economic releases, a very slight pickup in Irish consumer sentiment in May is not altogether surprising,' it said. Despite the bump in confidence, Irish consumers still 'remain gloomy', the survey found. Although at an index reading of 60.8 in May – an improvement on 58.7 in April – the level is significantly lower than the long-term average of 84.0. READ MORE The growth in the overall consumer sentiment figure was driven by a 'limited easing' in the subindexes measuring consumers' outlook for the economy and employment. This positive step outweighed a weakening in the index for consumers' perceptions of their personal finances. The survey, which was conducted in partnership with Core Research, found that Irish consumers still expect a contraction in the general and job economies, but sentiment had recovered slightly from its recent low last month. Irish consumers downgraded their perception of their own finances, falling from 72.3 for the past year and to 71.8 for the year ahead. 'Our sense is that renewed consumer concerns around their household finances owe much to a continuing step-up in grocery price inflation that has translated into ongoing and somewhat unexpected financial strains for significant numbers of consumers,' the Irish survey noted. The number of those who would be able to use savings to deal with an unexpected financial emergency costing €1,000 has decreased from 39 per cent to 37 per cent, down from the 2023 peak of 44 per cent. [ 'No long-term commitments to anything' – Ireland's economy is experiencing a silent slowdown Opens in new window ] In broader financial terms, the survey said: 'It remains the case that a significant 15 per cent of Irish consumers say they would be unable to cope with a financial emergency costing €1,000 in 2025.' The survey concluded that just over half of consumers in Ireland are 'comfortable' financially at present, with a further one in four 'clinging on', and would respond to such an emergency by borrowing or selling something. Between those two consumers sections is a share described as 'coping' financially, and could respond to an unexpected financial burden by borrowing from family or friends, or from a bank or credit union, or by using a credit card. David Malone, chief executive of the Irish League of Credit Unions, said: 'The special question in the May credit union consumer sentiment survey highlights the wide range of conditions facing Irish consumers at present. While many are reasonably comfortable at present and planning a better future, others would face substantial problems in the event of an unexpected expense or bill.'
Irish Examiner
22-05-2025
- Business
- Irish Examiner
Consumer sentiment rises after tariff pause but remains low compared to long-term trends
Irish consumer confidence picked up marginally this month as the threat of tariffs receded but the overall outlook remains 'gloomy' with confidence levels 'well below' long-term trends, the latest Consumer Sentiment Index shows. This month's consumer sentiment index reading stood at 60.8 - up from 58.7 during April but significantly lower than the 74.9 figure seen as recently as January. The May survey reading is also some distance below the long-term survey average of 84.0. The Credit Union Irish Consumer Sentiment Survey is based on a sample of 1,000 adults and is conducted by Core Research on behalf of the Irish League of Credit Unions. The analysis of the survey was written by economist Austin Hughes. Mr Hughes said the increase between April and May 'is not altogether surprising' but the 'latest survey reading still suggests Irish consumers remain gloomy, with confidence remaining well below the level of a year ago and its long-term trend'. He said the improvement in Irish consumer sentiment during May was driven by a 'limited easing in concerns about the outlook of the economy and jobs' which more than offset a 'slight weakening' in consumers' assessments of their own personal finances. The survey shows the weakest elements of consumer confidence related to household finances likely reflecting a pick-up in grocery bills of late. While the outlook for household finances over the next 12 months was effectively unchanged, Mr Hughes said this should be seen in the context of that being the weakest element of the April survey reading. 'Our sense is that renewed consumer concerns around their household finances owe much to a continuing step-up in grocery price inflation that has translated into ongoing and somewhat unexpected financial strains for significant numbers of consumers,' he said. 'The tone of the May sentiment survey suggests consumers are slightly less nervous about an apocalyptic collapse of the Irish economy than they were a month ago but there is still a strong sense that economic and financial conditions will be very challenging.' The strongest improvement in consumer sentiment between April and May was seen in the outlook for jobs. 'This likely reflects a partial correction of the thinking that prompted a sharp weakening in sentiment in April,' Mr Hughes said. 'Comfortable' v 'clinging on' In the survey, consumers were also asked how their household would deal with an unexpected financial emergency costing €1,000. It showed 15% saying they couldn't deal with an unexpected financial outlay while 37% said they would rely on savings. Another 18% said they would use their current incomes to handle such a problem. 'Drawing together those who can meet an unexpected financial emergency through savings or from their current incomes, the 2025 survey might suggest that a little over half of Irish consumers might be described as 'comfortable' at present,' Mr Hughes said. 'At the other end of the financial spectrum, roughly one in four Irish consumers might be considered to be 'clinging on'. This grouping includes those who say they could not handle a financial emergency at present as well as those who would resort to borrowing from a lender other than a bank or credit union and those who would sell something,' he said.
Irish Independent
06-05-2025
- Business
- Irish Independent
Donald Trump's tariff threats send Irish consumer sentiment crashing to two-year low
The collapse in confidence is largely caused by fears about the impact of US president Donald Trump's trade policies rather than current financial strains, the Credit Union Consumer Sentiment Index for April indicates. Large numbers of people are struggling financially as items such as groceries continue to soar in price. The survey conducted to produce the index shows consumers are not seeing any dramatic change in their current circumstances. But there is a strong sense that more difficult times lie ahead, the findings suggest. Economist Austin Hughes, who oversees the compiling of the index, said uncertainty reigns. 'Exactly how far or how fast Irish economic conditions might weaken in the future remains unclear and subject to rapid and random changes on policy pronouncements from the White House and elsewhere,' he said, adding that this makes it difficult for Irish consumers to assess how much to adjust their behaviour. 'A state of flux, as well as fear, is likely to dominate consumer sentiment and spending in coming months.' The confidence of consumers is also being impacted by ongoing price rises, with food inflation a particular concern. The Credit Union Consumer Sentiment Survey, in partnership with Core Research, has an index reading of 58.7 for April. This is far lower than the 67.5 figure for March. It is the second successive month of a substantial decline in Irish consumer confidence. ADVERTISEMENT 'The April sentiment number reading is the lowest in just over two years, since the March 2023 figure of 53.8,' Mr Hughes said. 'The April sentiment reading of 58.7 is now also materially weaker than the 29-year survey average of 84.1, and also some distance below the 66.6 average of the past five years.' Despite the weakening sentiment for consumers, a special question asked as part of the sentiment survey found most Irish consumers plan to spend on home improvements in the next two years. About 43pc plan spending money on what is described as 'significant refurbishments', and another 26pc will spend money refreshing their homes. Those aged under the age of 45 are far more likely to plan significant home-improvement spending in the coming years than those aged over 55.
Irish Examiner
05-05-2025
- Business
- Irish Examiner
Irish consumer sentiment drops to two-year low on trade war uncertainty
Irish consumer sentiment has fallen to its lowest level in two years on the back of a global trade war set off by US president Donald Trump. The findings of the April Credit Union Consumer Sentiment Survey now show that the gap between current conditions and expectations for the future is the largest since the threat of a 'no-deal' Brexit in late 2020. The drop in consumer confidence here is comparable to but slightly larger than marked sentiment declines elsewhere. US consumer sentiment has dropped to its second-lowest monthly reading since 1953. The monthly survey found that most households have confidence in their personal finances for the year ahead their outlook for the wider economy is much gloomier. Exactly how far or how fast Irish economic conditions might weaken in the future remains unclear and subject to rapid and random changes on policy pronouncements from the White House and elsewhere. It makes it difficult for Irish consumers to assess how much to adjust their behaviour. A state of flux as well as fear is likely to dominate consumer sentiment and spending in the coming months. The survey, in partnership with Core Research, shows an index reading of 58.7 in April, significantly lower than the 67.5 figure for March, and marking a second successive month of substantial decline in Irish consumer confidence. The April reading is materially weaker than the 29-year survey average of 84.1 and also some distance below the 66.6 average of the past five years. Economist Austin Hughes said the survey suggests that any pullback in Irish household spending in the months ahead seems likely to be driven by fears about the future rather than current financial problems. "The nature of the very real risks facing the Irish economy from a global trade war at present are very different in terms of the speed and type of fallout to those seen in the 2008 crash," he said. "The survey was taken between April 5th and 15th, during which time there were an almost bewildering number of pronouncements, qualifications, postponements and rumours on trade measures and their possible economic repercussions." However, Mr Hughes said the element of the survey that saw the smallest drop in April was in relation to spending plans. "This element could have been boosted by a falling trend in ECB interest rates and may also have gotten some temporary support from Easter-related outlays." Home improvements The survey asked consumers about specific plans for spending on home improvements. Just under half of Irish consumers (47%) say they have undertaken significant home improvements in the past two years, up markedly from just over one in three consumers (37%) who gave this answer in the 2024 survey. "Our judgement is that a comparatively high incidence of home improvement spend among the 55 to 64 age group may owe something to 'empty nesters' and/or 're-nesters' being financially able and wishing to 'rightspec' their properties for changed household circumstances involving either fewer or more occupants," Mr Hughes said. Read More Irish consumers make permanent switch to own-brand labels
Irish Independent
05-05-2025
- Health
- Irish Independent
‘You get the yellow card, you take the warning' – Marty Morrissey makes appeal on blood pressure after deaths of two family members to heart attacks
Broadcaster and author Marty Morrissey has urged people to have their blood pressure checked, having lost his father and grandfather to heart attacks. The GAA commentator said their deaths had fuelled his acute awareness of cardiac health, so he is backing the Irish Heart Foundation's Before Damage is Done campaign. Morrissey (66), from Quilty, Co Clare, said: 'Sometimes we're a bit careless about it, 'Ah, we'll be grand'. But we do need to be far more aware of our own health. You are the best judge of anything that is wrong with you, so don't dismiss it – because your body is telling you something, and sometimes we ignore it or don't want to know about it. 'In the GAA world, we have black cards, red cards and yellow cards. If you get the yellow card, you take the warning. 'When you get your blood pressure checked, and it's high, that's your chance to take the warning and do something about it. Sometimes people don't get any warning. 'Once you're over 50 you need to be getting everything checked.' Morrissey, whose dad Martin died of a sudden heart attack in 2004, was speaking as new research by the national stroke and heart charity showed a drop in understanding of the risk of stroke and heart disease from untreated high blood pressure. A quarter of people having strokes are under age 65 and are still of working age Last month's online survey of 1,000 people, by Core Research, revealed just 49pc had their blood pressure checked in the last six months, compared to 57pc in November 2023. Only 67pc believed untreated blood pressure creates a high risk of stroke – down from 78pc in 2023 – while 64pc believed there is a high risk of heart disease, down from 72pc in 2023. In addition, the data shows public knowledge has fallen in relation to how untreated blood pressure can lead to dementia or kidney disease, as well as damaging the heart and other organs. Worryingly, 29pc of people believe the signs of high blood pressure are obvious, yet it is a silent killer. Blood pressure checks are a tool in measuring how effectively the heart pumps blood around the body. Janis Morrissey, director of health promotion, information and training with the Irish Heart Foundation, said: 'The research shows an unfortunate fall-off in the level of understanding of the serious consequences of hypertension, or high blood pressure. 'High blood pressure is among the leading risk factors for heart disease or stroke and premature death worldwide. For most people, it is symptomless yet there may still be a misconception that symptoms are necessary to indicate it. 'That's why it is vital to get your blood pressure checked at your GP or local pharmacy, before damage is done. 'A quarter of people having strokes are under age 65 and are still of working age, so it can have devastating consequences not only for someone's health, but also on their quality of life and financial independence if they are forced to stop working.'
