Consumer confidence fell again in 2022 Q3 as high prices continued to squeeze household budgets
Consumer confidence in Northern Ireland decreased again in the third quarter of 2022 as higher prices continued to squeeze household finances.
The Danske Bank Northern Ireland Consumer Confidence Index fell significantly to 92 in 2022 Q3, down from 103 in the second quarter of the year and well below the reading of 137 posted in the third quarter of 2021. The survey was carried out in September 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.
High inflation is exerting a significant squeeze on purchasing power and with confidence also at low levels, the outlook for consumer spending is particularly challenging.