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Consumers 'weathering the storm' as experts predict recession is bottoming out

However a report shows 60 per cent of adults still believe their income will be lower this time next year.
May 10th 2013, 11:51 AM 11,201 78

CONSUMER CONFIDENCE IS at its highest level since before the 2010 bailout despite a drop since February this year, according to a new report.

Behaviour & Attitudes’ report said that while events like the Cypriot bailout, Croke Park 2 and the introduction of Personal Insolvency legislation have impacted on confidence, the degree of decline is muted as consumers are “weathering the storm”.

Though 55 per cent of people feel the economy will be worse off next year, the market research firm said it believes that the recession is “bottoming out”.

Expected levels of future personal income levels continue to fall with 60 per cent of adults believing their income, after taxes and inflation, will be lower this time next year.

Behaviour & Attitudes said it is in this area where recovery is most needed but as further personal economic impacts are to occur such as  further austerity budgets, property tax for full year, water tax and a further insurance levy it may take “considerably longer” for it to improve.

The firm said that while there is a softening of the consumer mindset in relation to the larger Irish economy as confidence levels out, a “significant game changer” is still required in terms of real income levels.

Read: CPI: Price of alcohol, tobacco and education up, cost of shoes down>
Read: Survey shows differences of over €1,000 between car insurance quotes>

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Michelle Hennessy

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