Covid-19 and Brexit drive consumer confidence to new low
The latest RED C Consumer Mood Monitor from October 2020 shows a further decline in consumer confidence as the pandemic crisis goes on and with the threat of a no-deal Brexit on the horizon. Almost 9 in 10 (89%) expect the Irish economy to fare worse in the next 6 months – up from 82% in June and just 41% in January before the arrival of COVID-19 in Ireland.
The new low for consumer outlook is mainly driven by the COVID-19 crisis, with more than 3 in 5 (62%) expecting the pandemic to worsen in the next 6 months. But Brexit is also a major concern, with almost 4 in 5 (78%) expecting a no-deal Brexit in early 2021.
The gloomy outlook combined with ongoing COVID-19 restrictions is also likely to lead to a dramatic reduction in spend across all product categories, except grocery spend. This is accompanied by fears that Brexit will lead to price increases in Ireland and that it will be harder to buy certain products, following Brexit.
Download the full report on the October 2020 RED C Consumer Mood Monitor here: