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Consumer confidence up in Nigeria, down in Kenya and Ghana

Staff writer ▼ | May 30, 2015
Consumer confidence increased two index points in Nigeria in the first quarter to a score of 129—the highest score of the three countries measured in Nielsen’s mobile survey for sub-Saharan Africa.
Street market Nigeria
Africa   The Nielsen Consumer Confidence Index
Conversely, confidence decreased nine points in Kenya (104) and three points in Ghana (99) from fourth-quarter 2014.

The majority of respondents in the three countries (69% in Kenya, 67% in Ghana and 62% in Nigeria) said they did not have spare cash, a level that increased 10 percentage points in Kenya and one percentage point in Nigeria from fourth-quarter 2014.

Among those who did claim discretionary funds, while saving continued to be a priority for the majority, intentions to put money into savings accounts declined 10 percentage points in Nigeria (76%), seven percentage points in Ghana (78%) and six percentage points in Kenya (83%) in the first quarter.

Discretionary spending intentions for home improvement projects were the second-biggest priority among respondents in all three countries.