‘Experience’ Confidence Declines
There has been a significant decline in confidence in the Irish economy among businesses operating in the "experience economy", according to a new survey.
The sentiment study, carried out by Ibec, shows that 49% of businesses are now less confident about the economy, compared to 28% six months ago.
Over 70 businesses operating in the sector, which includes hospitality, retail, travel, tourism, food, drink, entertainment, the arts, sports and events, were surveyed as part of the research.
The study was conducted in advance of the October Bank Holiday and mid-term break period.
It also shows that seven in ten of the businesses have concerns about Ireland as a strong tourism destination, up from 57% six months ago.
Ibec said the finding was "largely due to respondents noting a reduced demand from overseas travellers".
Eight in ten of those surveyed said they expect "wage growth to continue, consistent with 2024, despite firms expecting total or domestic sales to remain stable".
The Head of Membership at Ibec, Avine McNally, said events taking place across the bank holiday and mid-term break, from the Dublin Marathon to events and family activities for Halloween, "will provide a welcome boost at a time when confidence in the sector is moving in the wrong direction".
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