Belfast Telegraph

Business News

Rain 19° Belfast Hi 19°C / Lo 12°C

Confidence falls as consumers feel the pinch

By Graham Bardgett
Thursday, 24 July 2008

Consumer confidence in Northern Ireland has taken a tumble, according to a survey by Nationwide Building Society.

Nationwide’s quarterly consumer index showed that confidence fell by 25 points to 56 over the past three months.

Steve Cowdry of Nationwide’s consumer unit said the fall in confidence was more marked in Northern Ireland than elsewhere in the UK.

He said: “Across the UK, consumer confidence fell still further during the second quarter of 2008, with the Nationwide Consumer Confidence Index dropping 15 points.

“Weakening confidence is perhaps not surprising given the continuing uncertainty in the economy and the additional pressure on households from increased food and fuel costs.

“Confidence about the current economic situation has fallen for the fourth consecutive quarter with only 15% of people in Northern Ireland being positive about the current economic situation - although this is slightly higher than the UK average (14%).

“Consumers in Scotland, East England, London, the South East and the South West remain the most resilient to rising fuel and food costs, while confidence has deteriorated sharply across Wales, Northern Ireland and the East Midlands.”

In Northern Ireland, confidence about the current employment situation fell by one point.

Despite this, 50% of consumers remained positive about current job availability.

Sentiment about future job availability also fell for the fourth consecutive quarter and is now lower than the UK average (34%).

Just less than a third (31%) in Northern Ireland are confident about the future employment situation.

Post a comment

Limit: 500 characters

View all comments that have been posted about this article

Comment
Your details

* Required field

Offensive or abusive comments will be removed and your IP address logged and may be used to prevent further submissions. In submitting a comment to the site, you agree to be bound by BelfastTelegraph.co.uk's Terms of Use.

Posts submitted in UPPERCASE letters will be rejected.

In pictures: Doing the business

  • Robert Leatham from Russell's Shop 4 You, Crumlin and Maeve Fox from Action Cancer.
  • US Consul General Susan Elliott (centre) joins Dr Diane Hazlett from University of Ulster and Peter McKittrick from the US Consulate, to officially launch the 2nd Distinguished International Visitors Address. The University has confirmed award-winning former CBS broadcast executive and US Congressional press secretary Professor Michael Freedman, executive director of the Global Media Institute at George Washington University, as guest speaker at the June 26 event, to be held at the university's Belfast campus.
  • Ian Doherty (17, from Londonderry) and Melanie McNally  (18, from Ballymena) with Minister for Employment and Learning, Sir Reg Empey MLA. The Give and Take scheme, which is run by Include Youth, provides training and support for 16 to 21 year-olds who have difficulty accessing mainstream training

Cream of the crop in the business world

NI's Top 100 Companies

Top 100 Companies

Who's up and who's down in 2009