Optimism runs high in the sub-Saharan Africa countries of Nigeria and Kenya, as both countries’ consumer confidence scores remained well above the baseline of 100 in the third quarter of 2014. Nigeria’s score of 123 increased two points compared to second quarter; meanwhile Kenya’s score of 105 declined six points. Ghana’s score of 97 fell just below the baseline, following a six-point drop from the previous quarter.
While the majority of respondents in the three countries (69% in Ghana, 64% in Nigeria and 62% in Kenya) did not have spare cash to spend, those who did made saving a priority. More than 80% of respondents in each country planned to save discretionary funds: 84% in Ghana, 83% in Kenya and 83% in Nigeria. Home improvement projects were a priority for 77% in Kenya, 72% in Nigeria and 69% in Ghana.
Financial Confidence Is Higher Than Spending Ability
Seventy-seven percent of Nigerian respondents were confident about their personal finances, but only just over half (52%) believed now was a good time to spend. In Kenya, 63% of respondents believed money matters were good or excellent while only 36% were confident in their current spending capacity—a decline of 6 percentage points from the second quarter. Likewise, 68% of respondents in Ghana were optimistic about their finances, and 30% of respondents were confident about spending.
The three countries were added to Nielsen’s measurement of consumer confidence in the first quarter of 2014 using a mobile survey methodology, which differs from an online methodology used to report consumer confidence and spending intentions for 60 countries in the global survey.
The report also discusses:
- Global Consumer Confidence improves to 98 index points.
- Track nine years of consumer confidence trends with Nielsen’s Global Consumer Confidence Trend Tracker, a fresh, interactive way to view the worldwide economic sentiment.
- Regional consumer attitudes and confidence scores around the world.
For more detail and insight, download Nielsen’s Global Survey of Consumer Confidence and Spending Intentions.
About the Nielsen Global Survey
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.