A survey which measures how consumers feel about the economic outlook fell in December, a month which included Ireland's EU/IMF deal and the Budget.
The consumer sentiment index, compiled by KBC Bank and the ESRI, recorded 44.4, compared with 48.4 in November. The all-time low of 39.6 was recorded in July 2008.
The ESRI's David Duffy said the main reason for the fall was people's current concerns about their personal finances. 70% reported that their finances had worsened rather than improved during the past year.
KBC economist Austin Hughes said the December drop in the index was to be expected, adding that it was surprising that the fall was not even bigger.
He said consumers' mood had already slipped throughout the autumn in anticipation of bad news ahead. The economist warned that the index's current levels pointed towards a tough year ahead for spending in the Irish economy.
