Danske report shows NI consumer confidence increased at end of 2018

  • Consumer confidence increased significantly in the final quarter of 2018 despite concerns surrounding the local political impasse and Brexit continuing to present an issue in the minds of people, according to a new report published by Danske Bank.

    “Local consumer confidence levels picked up slightly in the fourth quarter of 2018, but remained below the levels they were at in the first half of the year and throughout most of the period from 2014-2017”, commented Conor Lambe, Chief Economist.

    The Danske Bank N.I Consumer Confidence Index rose to 127 up from 123 in the third quarter and 123 at the end of 2017. The increase was said to be influenced by salaries rising, almost of a quarter of people highlighted that pay packets getting larger had the biggest positive impact on confidence levels. Low interest rates and increasing house prices are also highly probable factors that impacted the confidence levels.

    The Index highlighted that 19% of people expected their finances to improve over the next year, and 28% expect their financial position to worsen. In Q3 2018, 16% of people thought their positions would improve and 29% thought they would substantially deteriorate.

    Compared to last year 20% of respondents felt their financial position had improved over the past year with 28% feeling that their position had deteriorated. However, this is an improvement from last year when the numbers were 17% and 29% respectively.

    In terms of spending expectations over the quarter, despite the expectations increasing over the year, 10% of people expected to save more money this year than they did last year. A staggering 27% thought they wouldn’t be able to save as much over the year ahead.

    Regarding expectations around job security eleven percent of people expected to be more secure in their role and 13% expected job security to deteriorate. The majority of individuals thought that their job security would remain unchanged over the next year, 66% of people to be precise.

    Overall, the north region had the most pessimistic attitude towards job security. Fifteen percent of people felt that there job security would improve but a compelling 29% thought their job security would get worse.

    Source: Danske Press Release

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