Consumer confidence declined sharply in 2022 Q2 as high prices continued to weigh heavily on household budgets
Consumer confidence in Northern Ireland declined at a sharp pace in the second quarter of 2022 as higher prices weighed heavily on household finances.
The Danske Bank Northern Ireland Consumer Confidence Index fell to 103 in 2022 Q2, down from 117 in the first quarter of the year and significantly below the reading of 149 posted in the second quarter of 2021. The survey was carried out in June 2022.
Compared with the previous quarter, people reported feeling less confident about their current finances, future finances, job security and expected spending on expensive items.
Given the high rate of inflation and the expectation that it could rise even further, the performance of the overall economy is likely to soften as we move through the rest of 2022 and into 2023.