The survey showed an index reading of 53.3 in April, moderately down on the 56.7 reading for March, and the April 2025 reading of 58.7.

He noted that further increases in retail fuel costs dominated sentiment this month, while high-profile domestic protests emphasised the broader economic fallout during the survey period. 

Some 54% of consumers say that higher energy prices would have a significant impact on their household finances. In addition, consumers already having difficulty making ends meet were about 2.5 times more likely to give this response than those saying they were managing without difficulty. 

Roughly 30% of the latter also indicated that higher energy prices would have a significant impact on them.

In the same vein, the share of consumers indicating a significant impact from higher energy costs was negatively correlated with household income, but very substantial numbers of consumers in higher income segments reported that higher energy costs would exert a significant impact on them.

The survey also found that almost 90% of consumers would need to cut back spending in other areas if energy prices remain elevated.  Meanwhile, some 37% say they would need to make substantial cutbacks to other areas of spending.

International sentiment 

Mr Hughes said the fall in Irish consumer sentiment in April was clearly less dramatic than that seen in the US, the UK or in the Euro Area, where the mood of households deteriorated even further.

While all elements of the Irish sentiment survey focusing on household finances were notably weak in April, the largest monthly decline was in relation to the outlook for jobs.

Alongside the threat from a global energy shock, consumers may have been concerned by research suggesting that as many as some 200k Irish jobs might come under threat from AI.

Reflecting the pronounced weakness in Irish consumer sentiment of late, Mr Hughes said the drop in April was sufficient to leave Irish consumer confidence at its lowest level since December 2022. It is also well below the long-term survey average of 83.3.

While Irish consumer sentiment is clearly weak at present, Mr Hughes said it is not as depressed as some commentary might suggest. 

"Whereas the sharp fall in sentiment in March suggested a marked downgrade of economic and financial prospects by Irish consumers, the April reading doesn’t imply any further dramatic worsening in thinking of late. 

"Instead, it seems to signal that serious concerns that emerged in March have been confirmed by developments in the interim."

Mr Hughes said the cumulative fall in Irish consumer sentiment since February is smaller than seen a year ago when US tariffs were announced, or in the couple of months following the Russian invasion of Ukraine in 2022. It was also less dramatic than seen in early 2020 when the pandemic emerged.