Consumer confidence plummets following COVID-19
Published by: Jimmy Larsen2020.07.01
The latest RED C Consumer Mood Monitor from June 2020 shows a dramatic decline in consumer confidence following the pandemic crisis. More than 4 in 5 (82%) expect the Irish economy to fare worse in the next 6 months – up from just 41% in January. A similar decline is seen for the World economy.
The COVID-19 crisis is also having a significant impact on personal finances with both employment outlook and income expectations down significantly. Just 22% expect the job market to fare the same or better in the next 6 months – down from 70% in January.
As a result of this, consumers are likely to cut spend in the months ahead, especially for holidays, entertainment/socialising and consumer goods. More than 3 in 5 expect to reduce their spend on holidays and entertainment in the next 6 months. Grocery spend however is not affected.
Download the full report on the June 2020 RED C Consumer Mood Monitor here: