Consumer confidence declines ahead of elections in Nigeria
Updated: Jun 1, 2019
KASI CCI dropped slightly by 1 percent
Short term outlook dampened by challenges with jobs and spending
Long term outlook remains positive despite month over month decline
In contrast to recent months, there were no drastic movements of individual index scores for all seven countries leading to a mild 1 percent drop to the global consumer confidence index metric. Kenya is the bright spot with an increase from +10 to +15, while the other 6 countries’ confidence figures declined within a range of a maximum of 5.
Short-term outlook dampened by weak job prospects and spending post holidays
Consumer’s evaluation of the current economic conditions moved up slightly +1 but remained negative at -11. This was strongly driven by continued challenges in the job market despite a 6 points increased of the job sub-index (-22 from -28), combined with budget constraints post holidays as reflected by a lower number of respondents looking to make large purchase.
“ Time and time again, we’ve seen the value of combining top down and bottom up data to get a holistic view of an economy. The actions taken by the Ghanaian Reserve Bank in a bid to stimulate economic activity were in line with our anticipation based on our observation of the consumer confidence. We welcome the move. ” Esther Bhosha, Junior Economist at KASI Insight
Forthcoming consumer data releases:
March 15th: KASI CCI (February data)
Esther Bosha, Junior economist, KASI Insight
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The KASI Consumer Confidence Score (KASI CCI) 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 Consumer Confidence Index (KASI CCI) 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.
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