Consumer sentiment fell in November to its lowest level in over four years reflecting concerns among the public about their future financial situation, the economic outlook and employment expectations.
According to the latest figures from the IIB Bank and the ESRI the consumer sentiment index dropped from 71.8 in October to 63.1 in November.
The corresponding figure for November 2006 was 87.9. The 3-month moving average fell to 69.7 from the 72.7 recorded in October. The 3-month moving average stood at 87.0 in November 2006.
Austin Hughes, IIB Bank
David Duffy of the ESRI said: "This latest figure is the lowest since August 2003 and is close to the all-time low point of 60.9 reached in July 2003"
Austin Hughes of the IIB Bank said: "The awful consumer sentiment reading for November seems to reflect worries that a poorer Irish economic outlook will translate into markedly weaker household spending power in the coming year."
"It seems consumers fear a difficult economic climate will have painful consequences for their personal finances in 2008," he added.