We need your help now
Support from readers like you keeps The Journal open.
You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.
If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.
Sign in. It’s quick, free and it’s up to you.
An account is an optional way to support the work we do. Find out more.
By continuing, you are indicating that you accept our Terms of Service and Privacy Policy.
CONSUMER CONFIDENCE IS up five points in the first half of 2013 compared to the same period as last year, but disposable income is down 3.7 per cent, says a report by the UCD Michael Smurfit Graduate Business School and the Marketing Institute of Ireland.
With the Eurostat’s latest figures showing that the Eurozone is out of recession, the report shows that consumer confidence in the UK and wider EU also picked up slightly in recent months, ending at -13 and -17, respectively.
Despite some recovery being “expected” the report states that “it is still forecast that consumer spending will decline by 0.5 per cent for 2013 as a whole”.
Data collected by the The Consumer Market Monitor also shows that there is greater activity in the property sector, with an increase in the number of transactions up 13 per cent on last year and the sale of building materials up 6 per cent on last year.
The research also looked into consumer borrowing and found that the total household lending is continuing to fall in 2013, stating it is down 4.5 per cent. Lending for house purchases has continued to decline, down 2 per cent, while other consumer lending is down 11 per cent.
The retail sector is beginning to stabilise according to the data, which shows that retail spending increased 0.4 per cent in the second quarter, which suggests “that the market has bottomed out and may finally be stabilising”.
New car sales are still struggling, but second car sales are on the increase. In the first six months of 2013, 49,503 new cars were sold. That is a fall-off of -16 per cent from 2012. However, record sales of 11,621 cars were achieved in July, with the commencement of the new registration system, but the total is still -8 per cent behind last year. So far, in 2013, second hand car sales are up 23 per cent, from 19,224 to 23,693, in the first half.
Mary Lambkin, Professor of Marketing at the UCD Smurfit School and one of the authors of the report said:
Despite a slight drop in consumer confidence the first quarter of the year, due mainly to concerns about the impact of new household taxes and pay cuts on household finances, consumer confidence has improved significantly in Q2 2013, giving reason for optimism about future spending.
Well done and congratulations, the Irish will rise out of the ashes and we will be stronger than ever.
Brilliant. When I started a business last year, I used a similar approach but alot smaller and more informal, to what fbally offered. I probably learnt more, and bought more useful strategies in to play, over cups of coffee, with other start ups than I would have had in 12 months of working at home on my own.
Excellent! Life-affirming and inspiring!
George,
That’s great! I believe in you and in Ireland.
It’s a pity I’m not there with you, but one day I’ll come back… I mean it:)
Fair play, great to see ideas like this springing up!
Excellent concept. Best of luck!
Great article and very good news. Very best wishes with the official launch. Fantastic initiative, well done.
I’m a bit late coming to this article but wow, what a way to start the day. What an inspiration for any small business entrepreneur.
George is an absolute gem as a person, my former landlady and as an entrepreneur and wearer of very cool hats. My total respect. We all need to be more like here, when life gives you lemons grab salt n tequila
You’re an inspiration, not just for Fumbally but for the country. Eamon Gilmore could learn a lot from reading your story.
Well done George, my other half is an engineer, another profession decimated by the recession!
have your say