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Retail News: Consumer Sentiment falling amid budget rumours
Posted on Oct 2, 2012
The KBC Bank Ireland/ESRI consumer sentiment index has fallen dramatically as the bodies announce that the index is now at its lowest since the beginning of the year.
The drop, which has fallen from 70 in August to 60.2, in the past month is thought to be a reflection of rumours circulating about the pending budget for 2013 and it comes despite rising figures throughout the year:
"For most of the past nine months, the improvement in sentiment reflected a gradually broadening view that the worst might be over." Said KBC Cheif economist, Austin Hughes, "The September survey results suggest consumers are no longer sure that is the case."
Retail Excellence CEO, David Fitzsimons has stated that he believes fear of the economic state and upcoming budget, largely brought on by media speculation, is what is stopping consumers from displaying confidence in their spending:
"The sharp deterioration in consumer sentiment in September is no surprise considering the significant amount of budget speculation leading to consumer fear and reduced spending."