Consumer confidence dropped in July
Nairobi, Kenya - Africa's first monthly consumer confidence index (KIC Score) declined but remained positive at +7 in July, a 4 percentage decrease from June. At this level, it means that the number of consumers who are optimistic is slightly higher than 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.
Concerns over the current economic conditions continue to rise
Consumers continue to find the current economic conditions challenging with the sub-metric dropping 1 percent to reach -13. This month the negative sentiment with current economic conditions is also dampening consumer optimism about future economic prospects as shown by the sub-index metric dropping 4 percentage points at +16 in July.
Confidence dropped amongst women
Confidence dropped significantly amongst women (from +10 to +4) while men remained stable and more optimistic than women (+12 vs +4). Confidence dropped for people aged between 25 and 39 years old.
Confidence dropped in 6 out of 7 countries
The July readings of the KIC score range from -8 in Tanzania to +26 in Ghana. In 6 out of 7 countries, consumer confidence dropped in July with the main drivers being Cameroon and Ghana.
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KASI KIC Score’s 3000 sample survey of individuals in 7 urban centers in Africa was carried out between July 20, 2018 - Aug 6, 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.