Irish consumer confidence is considerably lower than at this time last year, the latest Bank of Ireland Economic Pulse report has found.
Bank of Ireland's Consumer Pulse currently stands at 51.3 for the month of June, down 4.1 on May and 24.8 lower than a year ago.
According to the bank, Irish households are gloomier about the economy while also facing an income squeeze – the share of households saying that they are 'just making ends meet' stood at a third in June, up from a quarter at the start of the year.
However, among those at on lower incomes, more than half (51%) say that they are just making ends meet, compared to 14% at the upper end.
Separately, Bank of Ireland's Business Pulse stood at 85.6 in June 2022, 3.9 lower than in May and 7.5 lower than a year ago.
Combined, the overall Bank of Ireland Economic Pulse came in at 78.8 in June 2022, down 3.9 on last month and 11.0 lower than a year ago.
“Global markets have been volatile lately as energy sanctions on Russia have been broadened and as the major central banks up the ante in their fight against inflation," commented Dr Loretta O’Sullivan, group chief economist at Bank of Ireland.
"Irish households have been jumpy too, with the Consumer Pulse backpedalling in June after rallying in May. [...] June also saw the Business Pulse dip below its pre-pandemic level for the first time in 2022. This was due to an easing in the services component of the index, which has been benefitting from the lifting of the public health restrictions.”
The Bank of Ireland Economic Pulse survey is conducted in conjunction with the European Commission.