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Consumer sentiment recovers further in May to reach 14-month high

Consumer sentiment continued its steady recovery in May from its recent 14-year low as concerns about the increased cost of living eased a little more, a survey showed on Monday.

The Credit Union Consumer Sentiment index climbed to 62.4 in May from 59.2 in April. That compares to September’s low of 42.1 and the 77.0 recorded in February 2022, before Russia’s invasion of Ukraine.

The May reading still remains some distance below the 27-year average of 86.5 and, as such, points to a still cautious mood on the part of Irish consumers.

The Irish economy weakened late last year but still posted the fastest growth in the euro zone for 2022 and the Department of Finance last month upgraded its growth forecasts for this year.

“Confidence is building slowly but surely, though current sentiment readings still signal fragile financial circumstances are weighing heavily on the mood of many Irish consumers,” the survey’s authors said in a statement.

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