Consumer confidence is at an “exceptionally high” level, on the back of positive jobs news, strong retail sales figures and an increase in property transactions, according to a new survey.
The latest Consumer Market Monitor from the UCD Michael Smurfit Graduate Business School and the Marketing Institute of Ireland, shows confidence reached a seven-year peak in December.
The survey said consumer confidence picked up considerably throughout 2013, with confidence up five points in the first half of 2013, compared to the same period in 2012.
UCD professor of marketing Dr Mary Lambkin said consumer spending accounts for over 60 per cent of GNP in Ireland and is a critical factor in driving any recovery of the economy.
“Disposable incomes for households are still under pressure but a number of factors have led to an increase in consumer confidence. Positive news in the employment and property markets, strong retail sales in December, better economic stability following our exit from the bailout and an easing of fears about austerity measures are all starting to filter through to the economy,” she said.
The Monitor uses quarterly data collected from sources including the Central Statistics Office (CSO), the Central Bank, the European Commission, and various other secondary sources.
