Consumer confidence declined in 2021 Q4 as high inflation weighed more heavily on consumer sentiment
Consumer confidence in Northern Ireland decreased in the fourth quarter of 2021 as the proportion of people who pointed to the impact of higher prices as a negative driver of sentiment increased again.
The Danske Bank Northern Ireland Consumer Confidence Index decreased to 134 in 2021 Q4, down from 137 in the third quarter of 2021, but above the reading of 124 posted in the fourth quarter of 2020. The survey was carried out in December 2021.
Compared with the previous quarter, people reported feeling less confident about their current finances, future finances, job security and expected spending on expensive items.
Annual consumer spending is still expected to rise in 2022 as the recovery from the pandemic continues, but high inflation and falling confidence levels could influence the rate of spending growth.