Business confidence dips in new survey
Business confidence among Irish brokers has deteriorated significantly in the last six months, according to a new survey.
Some 55% of those surveyed expected the Irish economy to deteriorate in the next 12 months.
Among brokers surveyed in November, only 21% expect the Irish economy to improve over the next 12 months compared with 44% in May 2010. Confidence levels have ebbed back to levels last seen in May 2009 (18%), according to the Friends First Broker Barometer, published today in association with Millward Brown Lansdowne.
This research was carried out across a sample of 100 independent brokers nationwide to gauge the attitudes and perceptions of brokers to their own business and the economy that they are currently operating in.
According to the Friends First Broker Barometer, the recent economic uncertainty and has reversed any resurgence in consumer confidence. Brokers are reporting that:
- 97% of consumers find it difficult to get finance from banks
- 97% of consumers have little confidence to spend
- 68% do not believe the worst of the recession is behind them
- 93% believe the country’s international image is vital to its recovery
"Our research was carried a week before the EU/IMF bailout and we can see that the mood among consumers and financial advisors has taken a real hit. People are worried about making ends meet day to day and their ability to invest funds for the future, is as a result, reduced," said Eamonn Twomey, head of marketing with Friends First.
