Consumer confidence plummets due to hard Brexit fears
The latest RED C Consumer Mood Monitor from October 2019 shows a significant drop in consumer outlook for the Irish economy, driven by fear of a hard Brexit. Just 1 in 10 believe that the Irish economy will improve in the next 6 months, while almost 2 in 3 expect the economy to fare worse in the next 6 months. Consumer outlook is also down significantly for the World economy.
For the first time, we also see a significant negative impact on employment outlook while income expectations are down slightly. More than half are now negative about employment opportunities in the next 6 months while only 12% expect employment opportunities to improve.
Consumer spend is also likely to be hit, with decreases across all categories except groceries. For consumer goods, entertainment and holidays, we now have more consumers expecting to decrease spend in the next 6 months than consumers who expect to increase their spend on these categories.
Download the full report on the lastest RED C Consumer Mood Monitor here: