Irish consumer confidence has continued to improve, and is now playing a significant role in Ireland's economic recovery according to the latest data from the Consumer Market Monitor.

The report, which was published by the Marketing Institute of Ireland and UCD’s Smurfit Graduate Business School, has recorded an increase in spending on cars, houses, and big-ticket consumer items.

Demand for new cars has remained strong though out the year - 114,446 cars have been sold during the first three quarters of 2015 - that's a 31% increase over 12 months earlier.

Property sales also remain strong, while costs have continued to spiral the volume of properties sold is also up by 31% - with 21,876 residential units being sold.

Retail sales improved by 7.2% year-on-year before the beginning of the Christmas shopping period.

Last week Retail Ireland said that it is expecting a significant increase in consumption in November as people start to purchase gifts.

“Disposable incomes are at last beginning to show modest growth as a result of jobs growth and this, coupled with greater availability of credit, is leading to accelerated spending on many categories of goods and services,” Mary Lambkin, professor of marketing at UCD’s Smurfit School said commenting on the report.

Marketing Institute of Ireland chief Tom Trainor added that Ireland is "in the midst of a broad-based recovery."

"Consumer confidence plays an important part in this recovery as people will only spend money when they feel optimistic about the future and their own financial security," he continued.