2018.08.1302:35:00UTC+00Ireland Consumer Sentiment Strengthens In July

Ireland's consumer confidence strengthened in July as warm weather boosted buying climate, survey results from the Economic and Social Research Institute and KBC Bank showed Monday.

The KBC Bank Ireland/ESRI consumer confidence index rose to 107.6 in July from 102.1 in June. This was the strongest monthly increase since January and raised the index to its best level since March.

The largest change was in consumers' perceptions of the buying climate. The indicator for major purchases advanced to 143.7 in July from 131.9 a month ago.

The index of current conditions came in at 128.9 versus 119.8 in June and their expectations' gauge rose to 93.4 from 90.3.

Both personal financial situation for the past twelve months and for the coming twelve months strengthened in July.

Consumers' general economic outlook and the outlook for employment improved in July, with score rising to 70.6 and 91.6, respectively.

"While confidence has picked up as the Irish economy improved, an uncertain global economy and modest income gains mean Irish consumers are still careful about when and where they spend," Austin Hughes, KBC Bank Ireland, said.

"While the sentiment survey is driven by the economic temperature, our sense is that exceptionally warm weather may have caused more Irish consumers to see the glass half full rather than half empty in July. Unfortunately, this suggests the prospect of cooler sentiment and spending in coming months," said Hughes.