Consumer confidence declines ahead of elections in Nigeria

Kasi CCI dropped slightly by 1 percent
The short-term outlook dampened by challenges with jobs and spending
The long-term outlook remains positive despite month-over-month decline

In contrast to recent months, there were no drastic movements in individual index scores for all seven countries, leading to a mild 1 percent drop in 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.

The short-term outlook dampened by weak job prospects and spending post-holidays

Consumer’s evaluations 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-point increase in 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 purchases.

"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 consumer confidence. We welcome the move. ” Esther Bhosha, Junior Economist at Kasi Insight

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Forthcoming consumer data releases:

March 15th: Kasi CCI (February data)

Esther Bosha, Junior economist, Kasi Insight

info@kasiinsight.com

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The Kasi Consumer Confidence Score (Kasi CCI) is a composite index compiled from a seven-question survey that runs monthly via our consumer polls in the countries covered. The data output is based on a 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, and Tanzania), where most spending on the continent is concentrated. The survey provides a simple measure of consumers’ optimism about their economic prospects in the near term and their attitude towards making major purchasing decisions.

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