Consumer confidence fell sharply in 2022 Q1 as high inflation put pressure on household finances
Consumer confidence in Northern Ireland decreased sharply in the first quarter of 2022 as high inflation put pressure on household finances.
The Danske Bank Northern Ireland Consumer Confidence Index declined to 117 in 2022 Q1, down from 134 in the fourth quarter of last year, and also below the reading of 137 posted in the first quarter of 2021. The survey was carried out in March 2022.
Compared with the previous quarter, people reported feeling less confident about their current finances, future finances and expected spending on expensive items but slightly more confident about job security.
Economic output is still expected to grow this year but the high rate of inflation and lower confidence levels are examples of the significant headwinds currently facing the Northern Ireland economy.