Business

Small rise in consumer confidence recorded in October credit union survey

Sentiment reached 74.1 in October, up from 60.4 last year but below the long-term average of 84.3

Consumer sentiment was up in October. Photograph: Tom Honan
Consumer sentiment was up in October. Photograph: Tom Honan
Fiona Keeley
Fri Oct 25 2024 - 14:07

There was a subdued rise in consumer confidence in October, according to the latest Credit Union Irish Consumer Sentiment survey.

Chief executive for the Irish League of Credit Unions David Malone said the small increase was encouraging and showed a solid economy with “some small easing in cost-of-living pressures”.

Produced in partnership with Core Research, the survey assesses what consumers feel Budget 2025 did for their household finances and as well as broader expectations in areas such as housing, health and infrastructure.

Respondents were disappointed most with measures taken to address housing and health.

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On a monthly basis, the index rose from 71.9 in September to 74.1 in October and was up from 60.4 in the same month last year.

However, these measurements are below the long-term average of 84.3. “The fears are easing but they haven’t disappeared completely,” said researcher Austin Hughes.

He said economic conditions are not as bad as they once were, adding that “difficulties are easing slowly, and not surely, more kind of unevenly”. However, the results also show the country still has a tough general economic environment.

Concerns about job losses eased in October. Mr Hughes said that was largely because in previous months there had been warnings about businesses in the country closing down. News like that, he said, makes people nervous because “even if employment is strong there is a risk you could lose your job”.

Households that said they were finding it hard to make ends meet were more likely to feel the budget would not affect them financially.

Just 4 per cent of respondents expected the budget to significantly improve their living standards – 47 per said it would not and 42 per cent said it would only slightly improve them.

About a third (31 per cent) of respondents said measures to address the housing crisis were very poor while 28 per cent said the same of healthcare measures. People were happiest with the increase in social welfare rates with 29 per cent of respondents rating the measures as excellent.

The Credit Union Irish Consumer Sentiment Survey comprises of 1,000 respondents between October 4th and October 15th, 2024. This survey was conducted in partnership with Core Research.

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