Consumer confidence improves in 5 out of 7 African countries in December
Nairobi, Kenya - Africa's first monthly consumer confidence index (KIC Score) rose 2 percent in December to +11. 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 continued to be a little less concerned with the current economic conditions with the sub-metric rising 2 percent at -9. These concerns with current economic conditions didn't dampen consumer optimism about future economic prospects as shown by the sub-index metric also rising 2 percent to reach +19 in November.
The December readings of the KIC score range from -15 in South Africa to +30 in Ghana. After reaching a historical low in October, consumer confidence in Kenya continues to improve in December reaching +7.
Consumer confidence in South Africa also bounced back from its low of -14 in November to -5 in December. The election of a new ANC leader has provided more confidence in the medium term prospect of the country. The job prospect metric continues to drive the index down across countries.
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KASI KIC Score’s 3150 sample survey of individuals in 7 urban centers in Africa was carried out between Dec 16, 2017 - Jan 10, 2018.
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.