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CBN report shows decline in consumer confidence

Deteriorating economic conditions and falling family income led to a decline in consumers’ overall confidence index in Q3 2020, according to the Central Bank of Nigeria’s (CBN) latest Consumer Expectations Survey (CES) report.

The report posted on the apex bank’s website yesterday, shows that at -21.2 point the consumers’ confidence index in Q3 2020, was 25.0 points lower than what it was in the corresponding period of 2019. According to the report, consumers attributed their pessimistic outlook to, “declining economic conditions, family financial situation and declining family income.” However, the report showed that the consumers were optimistic in their outlook for the next quarter and next 12 months with indices of 10.1 and 30.5 points, respectively.

“This positive outlook could be attributed to the expected increase in net household income, an anticipated improvement in Nigeria’s economic conditions and expectations to save a bit and/or have plenty over savings in the next quarter and the next 12 months,” the report said.

In addition, with the index on outlook on price changes in the next 12 months standing at 36.2 points, the report indicates that consumers expect prices of goods and services to rise in the next one year, a development, it said will be mainly driven by: “Savings, purchase of car/motor vehicle, purchase of appliances/ durables, education, food & other household needs and purchase of houses.”

Similarly, the report put the overall buying conditions index for big-ticket items in the current quarter at 20.1 points, an indication: “That majority of consumers believed that the current quarter was not the ideal time to purchase big-ticket items like consumer durables, motor vehicles and house & the lot.”

 

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