Consumer confidence remained high in March. Ghana & Nigeria leading
Nairobi, Kenya - Africa's first monthly consumer confidence index (KIC Score) remained unchanged at +13 in March, staying at an all-time high since the inception of the index in June 2016. At this level, it means that the number of consumers who are optimistic is slightly higher 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 positive in the countries' urban centers polled.
Consumers are less concerned with the current economic conditions with the sub-metric rising 6 percent at -5. Despite the positive sentiment with current economic conditions, consumer optimism about future economic prospects as shown by the sub-index metric dropped 3 percent to reach +20 in March.
Men continue to be more optimistic than women (+14 vs +11) and younger people (aged 29 and younger) have the highest confidence measure (+17) compared to +12 for people 30 years and older.
The March readings of the KIC score range from -8 in Tanzania to +31 in Ghana.
In 2 out of 7 countries, consumer confidence dropped in March with the main drivers being Cameroon & Tanzania.
To get a summary of the other countries consumer confidence readings and historical trends, please subscribe.
KASI KIC Score’s 3326 sample survey of individuals in 7 urban centers in Africa was carried out between March 21, 2018 - April 5, 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.