Nairobi, Kenya - Africa's first monthly consumer confidence index (KIC Score) dropped 2 percent in October to +6. At this level, it means that the number of consumers who are optimistic is slightly superior that those who are pessimistic (a score of zero implies equal numbers in both camps). With a maximum of 100 and a minimum of -100, the current KIC level indicates that economic confidence continues to be barely positive in the urban centers polled.
Consumers were a little more concerned with the current economic conditions with the sub-metric dropping 2 percent at -17. These concerns with current economic conditions seem to dampen consumer optimism about future economic prospects as shown by the sub-index metric also dropping 3 percent to reach +15 in October.
The October readings of the KIC score range from -9 in South Africa to +35 in Ghana. Consumer confidence in Kenya reached a new historically low at -8 just before the repeat election.
Consumer confidence in South Africa improved +9 percent but remain negative at -9. Ongoing scandals and economic challenges continue to dampen consumer confidence.
The confidence score was computed before the election repeat and captures confidence level just a day before the repeat election.
A summary of the KIC Score from the other countries: Cameroon (+7 down 2 percent MoM ), Ivory Coast (0 down 10 percent MoM), Ghana (+35), Nigeria (+23), South Africa (-9) and Tanzania (-9).
KASI KIC Score’s 3424 sample survey of individuals in 7 urban centers in Africa was carried out between Oct 21 - Nov 2, 2017.
About KASI KIC Score
The KASI Insight Consumer Confidence Score (KIC SCORE) is a composite index compiled from a seven-questions survey that runs monthly via our consumer polls in the countries covered. The data output is based on fresh, randomly selected representative sample of city dwellers aged 18-64.
Released the first week of every month, the KASI Insight Consumer Confidence Index (KIC Score) provides a focused view on consumer perceptions in seven African urban centers (Ghana, Nigeria, Kenya, South Africa, Cameroon, Ivory Coast, Tanzania) where most spending in the continent is concentrated. The survey provides a simple measure of consumers’ optimism about their economic prospects in the near term and attitude towards making major purchasing decisions.