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AGGRESSIVE PRICE CUTS by high street retailers failed to get shoppers spending in July, according to the latest economic research by the ESRI and KBC Bank.
The KBC/ESRI Consumer Sentiment Index fell from 56.3 to 55.9, as consumers opted to keep control of their cash for fear that the growing debt crisis in Europe and worldwide would have an impact on their own finances.
The three-month average of the index fell by a greater, though relatively modest, amount – dipping from 57.9 to 57.2.
In a press statement, KBC’s chief economist Austin Hughes said consumers’ concerns were drive by fear over the future of the global economy, which meant they felt uneasy about parting with their own cash.
Though consumers may not have understood the full chain of events that had led to the current crisis, it said, they knew enough to be wary of a further impact on their own pay packets.
Hughes noted, however, that the index still remained well above its all-time low of July 2008. Ratings above 50 are considered to be a sign of economic growth, with ratings below that number deemed to indicate a shrinking market.
“Customers may no longer be traumatised in the manner they were when the crisis began three or four years ago, but they don’t feel they can put the crisis behind them in a manner that would support sentiment and spending,” Hughes said.
A comparable index measuring consumer sentiment in the US reached its lowest level in two years in July 2011, while in the Eurozone consumer confidence has posted its largest monthly drop since December.
ESRI research published yesterday showed that consumers had increased their monthly savings, fearing that a further lapse in the economy might find them taking home smaller pay packets.
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Fantastic news. First EU producer to get the green light.. and all the more better considering Ireland faced intense competition from US and Canadian beef lobbies. This is a real feather in our cap which demonstrates China views Ireland as the ‘New Zealand of Europe’.This could be huge!
Fantastic news. What impact will it have on you and the price you pay for beef.
I guess the simple answer to your cryptic question is that being allowed to sell into China is much more preferable than being banned from the market. Moreover these recent China market breakthroughs for Irish beef and Irish dairy produce will create a lot more jobs and sales here in Ireland than can be expected from any potential Chinese FDI into Ireland.
I’m off to buy shares in Goodman.
The Chinese can’t produce what we can at a price and neither can they. We can make good relations without Europe intervening. Good potential trading partners. What’s Europe doing for us? But skimming the cream?
Great answer Niall
Well Ho Lee Fuk and not before time………….
Good job Coveney and colleagues.
Is it really? Will it make the piece of steak I buy every week cheaper? I think it will mean beef is more in demand because of the amount exported to America and China pushing up prices nationwide.
Liam you’re ruining the narrative – this is the big FG breakthrough we’ve been waiting 4 years for!
Who ever is responsible it’s good news for our largest indigenous industry. The trickle down means everyone will benefit.
For a tiny island on the west coast of Europe we are the third largest exporter of beef in the world after Brazil and Argentina. China opening up is just more good news. Just goes to show for a small nation we are very capable.
There is nothing capable about persistent rain, good soil and lots of grass.
The moo-moos don’t just spring from the ground
I know. It’s hard working farming families, that get us to the stage that we are on.
Travel the world and it’s “irish striploin steak” irish Angus steak” quality speaks for itself! Buy cheap tough steak from abroad and enjoy it. If the price is right in aldi or tesco eat it and ENJOY it. Chew chew no taste no taste no flavour no flavour but I saved a euro!
Who’d a thought we’d invented beef. So entrepreneurial we are in this best small island.
‘An Irish bull in a China shop’
Because standards are so high in China. Especially in its thriving dog industry
I guarantee you that even after the beef travels half way around the world the Chinese will still be able to buy Irish beef cheaper than we can at home.
€4 for a big piece of steak, How cheap do you want it?
What muck are you eating Mike?
You can get a gorge bit of Irish steak for €4. I don’t think farmers can produce it any cheaper. I wouldn’t call it muck.
The Chinese ….a great bunch of lads
A positive mooooooove…
Thanks enda
Excellent news. Though hope all this exporting won’t increase food prices here
How could it not. There will be less beef.
For a country that eats dogs and goats and snakes, they sure have a high standard of beef!
I will now lift my ban on prawn crackers. nom nom nom
Anyone else ever wonder if the US and China bans on Irish beef were more for tactical reason rather than health issues, any beef, Irish always seems to be better in almost every way except when it’s horse
Are you a “neighsayer”?
I won’t be lifting my ban on the Chinese takeaway, I value my health
this government are now selling the food off our plates. Looking forward to the general election to vote for a new government who will keep Irish Beef in Ireland for the Irish table. sickening news.
I guess you want free fillet steak to go with your free water…
we shouldn’t have to pay for our own beef.
our taxes already subsidise the beef industry, we are paying twice.
no way, won’t pay. is what I’m telling my butcher next time I pick up to fillets.
Lol. You’re actually one of us. Sorry for missing the sarcasm!
John your low level intelligence means that you have chosen your political allegiances well.
Enda would be proud of you and may even see you as a protégé.
You do know that the average farmer gets more on subsidies alone than the average industrial wage and contributes the least amount of tax on their income.
Fine Gael – the Farmers Party – Hiding away behind barriers in Castlebar
Glad to see, Nicky, that China is an important market for diaries. Is that Easons who are exporting them?
But why is Bord Bia collecting the stats on this?
Don’t tell me the Chinese are eating the diaries!
A bull in a China shop at last
Don’t have a cow man
This could lead to a good market for the meat industry, maybe more production.
€€€€€ Ching Ching €€€€€
I was in China recently & it doesn’t surprise me they want our beef, some of the food they are eating is like nothing I’ve ever seen. I think our dog breeders / farms could cash in on this deal as well!!
They love the red meat over there
Hopefully the kitchen sinks will introduce their own ban. And stop serving us cats pigeons and all the other muck they served over the decades. Nice one China !
have your say