During the pandemic, consumers expected their finances to get worse as the Irish government tightened lockdown restrictions. Fast-forward to post-Covid regulations, their sentiments about the economy have been reported to be positive.
KBC’s latest report on consumer outlook
KBC Bank’s latest report on consumer sentiments indicates that as consumers’ fears about the disease are subsiding, they expect their financial circumstances to improve. Compared to May during the strict lockdown, consumers are now more positive that the economy will be better. This is according to the bank’s consumer sentiment index for June, which went up slightly.
Re-opening of economies triggers positive expectations
In the same month of June, there was also a noticeable change in consumer expectations in the US, the UK and the eurozone. As these governments restarted their economies, consumers have become bullish about a change in their financial circumstances.
Expectations versus real income
The same report noted that even though expectations are now positive, this hasn’t changed the real financial situation of consumers. They’re still reeling under a heavy burden of the financial strain caused by the coronavirus.
Government role in helping consumers
According to this report, the Irish government should speed up the reopening of the economy to boost consumer spending. Although consumers are now positive about a change in their circumstances, they’re still in the financial doldrums. Read here for more exciting news on the latest consumer buying patterns.