In second-quarter 2014, consumer confidence remained high in Nigeria, Kenya and Ghana—new entrants in Nielsen’s Global Consumer Confidence and Spending Intentions Survey that made their debut in the first quarter of this year. Nigeria’s score was highest, rising one point to 121, while Ghana’s score increased the most, jumping six points to 103. Kenya also reported an optimistic, above the 100 baseline index of 111, an increase of one point in the second quarter.
While confidence was high in the three countries, finances and spending intentions were disconnected. Eighty-one percent of Nigerian respondents were confident about their personal finances, but just under half (48%) said they believed now was a good time to spend. In Kenya, 66 percent of respondents believed money matters were good or excellent while 42 percent were confident in their current spending capacity. Likewise, in Ghana, 67 percent were optimistic about their finances, and only 36 percent of respondents were confident about spending.
The majority of respondents in the three countries did not have spare cash (66% in Kenya, 64% in Ghana and 59% in Nigeria), and Ghana reported the only improvement, with a 7 percentage point change from the first quarter. Among those who did have discretionary funds, saving was a priority for 90 percent in Kenya, 79 percent in Nigeria and 75 percent in Ghana, followed by spending on home improvement projects (74% in Nigeria, 70% in Kenya and 66% in Ghana).
Other spending intentions include: investing in stocks (Kenya, 67%; Ghana, 48%; Nigeria, 56%), buying new technology products (Nigeria, 49%; Kenya, 43%; Ghana, 38%), spending on out-of-home entertainment (Nigeria, 44%; Kenya, 42%; Ghana, 27%) and buying new clothes (Kenya, 69%; Nigeria, 42%; Ghana, 31%).
Other findings include:
For more detail and insight, download Nielsen’s Global Survey of Consumer Confidence and Spending Intentions.
The findings in this survey are based on respondents with online access across 60 countries. While an online survey methodology allows for tremendous scale and global reach, it provides a perspective only on the habits of existing Internet users, not total populations. In developing markets where online penetration has not reached majority potential, audiences may be younger and more affluent than the general population of that country. Additionally, survey responses are based on claimed behavior, rather than actual metered data.