Irish consumer sentiment fell to its weakest level in three years, according to the Credit Union consumer sentiment index March.
A survey of 1,000 adults conducted by Core Research "paints a picture of a nervous Irish consumer whose thinking has become materially more negative of late."
The weakest element of the sentiment survey in March was buying plans, suggesting a notably more cautious and constrained approach to consumer spending in coming months.
This month's reading of 56.7 is substantially below the thirty-year survey average of 83.4, and also clearly below the latest five-year average of 66.1, a period of significant geopolitical shocks.
The month-on-month decline in Irish consumer confidence in March is the largest since that seen in April last year when the announcement of US trade tariffs suggested a poorer outlook for the Irish economy, according to the analysis done by economist Austin Hughes for Credit Union’s report.
There was a marked worsening in Irish consumers thinking on the general economic outlook, with this element of the survey dropping to its lowest level since November 2022.
However, Irish consumers were more optimistic about the country’s robust labour market and high employment.
When it comes to personal financial wellbeing in the next twelve months, the sentiment among those surveyed has worsened significantly in the last few weeks leading to much more cautious spending in March.
This metric has dropped from 76.4 to 67.3.
With the cost of fuel and heating oil rising rapidly, Irish consumers appear to be bracing for a major hit to their spending power as 2026 progresses, the report found.
"The recent fall in consumer sentiment reflects very real concerns among Irish households in the face of ongoing global uncertainty," said the CEO of the Irish League of Credit Unions David Malone.
The drop in Irish consumer sentiment is in line with the mood in the broader European Union.
The EU Commission noted that consumer confidence in the Euro area 'plummeted’ in March, amid major concerns around soaring fuel prices.
