The overall KBC Ireland/ESRI Irish Consumer Sentiment Index was slightly lower in November at 53.6. This compares to a figure of 54.2 in October.

Commenting on the results David Duffy, ESRI, said:

• Consumer confidence slipped slightly in November as consumers remain concerned about the outlook for the economy and labour market.
• Although there was a small fall in sentiment, the index remains above the all time low of 39.6 reached in July 2008.
• Consumers remain cautious. Only one in five expect the economy to improve and 3 out of four consumers expect unemployment to rise over the next 12 months.

In addition, Austin Hughes, KBC Ireland, added:

• Although there was a fractional decline in Irish consumer sentiment in November, the underlying trend continues to improve. So, the November results are fairly encouraging, particularly as consumer confidence weakened in the US, UK and Germany last month. Even if consumers here are still anxious about the outlook for the economy and jobs, there are signs that some of the panic that gripped them for the past year or so may be beginning to ease.
• The positive elements of the November survey all related to household finances and spending. Clearly, a marked drop in the cost of living and low borrowing costs are easing the pain for many hard pressed consumers. The emerging question is whether the upcoming budget will support or shatter confidence. Recent evidence of improving if still fragile sentiment argues the need for December’s package to be a good deal more subtle than the two most recent budgets.

The size of the consumer sample was not provided.