Consumer confidence rises in Sub-Saharan Africa
The perceived outlook for job prospects increased 12 percentage points in Kenya (62%), six percentage points in Nigeria (64%) and remained flat in Ghana (42%). Eight-two percent of Nigerian respondents were confident about their personal finances, but only just over half (56%) believed now was a good time to spend.
In Kenya, 69% of respondents believed money matters were good or excellent, and 41% were confident in their current spending capacity—an increase of five percentage points from the third quarter. Likewise, 66% of respondents in Ghana were optimistic about their finances, and 36% were confident about spending.
Confidence also increased eight points in Kenya (113) and five points in Ghana (102) from the third quarter. The majority of respondents in the three countries (70% in Ghana, 61% in Nigeria and 59% in Kenya) did not have spare cash, a level that decreased in Kenya and Nigeria from the third quarter.
Among those who did have discretionary funds, saving was a priority for 89% in Kenya, 86% in Nigeria, and 85% in Ghana, followed by spending on home improvement projects (73% in Kenya, 73% in Nigeria and 71% in Ghana). ■