Optimism Runs High in Kenya and Nigeria

Optimism Runs High in Kenya and Nigeria

Consumer confidence in the second quarter of 2015 increased eight index points in Kenya to 112 and three points in Nigeria to 132—the highest score of the three countries measured in Nielsen’s mobile consumer confidence survey in sub-Saharan Africa. Conversely, confidence decreased five points in Ghana (94), marking the second consecutive quarter of declines for the country.

The outlook for jobs increased significantly in Nigeria and Kenya, rising 11 and eight percentage points, respectively from the first quarter. Likewise, sentiment for personal finances and immediate spending intentions also increased in both countries. Eighty-five percent of Nigerian respondents and 67% of Kenyan respondents believe the state of their personal finances is good or excellent, up two and three percentage points, respectively. Conversely, sentiment for all three indicators declined in Ghana.

The majority of respondents in the three countries (70% in Ghana, 64% in Kenya and 58% in Nigeria) said they did not have spare cash, levels that increased in Ghana but declined in Kenya and Nigeria from first quarter. Among those who did claim discretionary funds, saving continued to be a priority for the majority: 82% in Ghana, 83% in Kenya and 79% in Nigeria plan to put money into savings accounts. Discretionary spending intentions for home improvement projects were the second-biggest priority among respondents in all three countries.

The three sub-Saharan countries were added to Nielsen’s measurement of consumer confidence in the first quarter of 2014 using a mobile survey methodology, which differs from the online methodology used to report consumer confidence and spending intentions for 60 other countries in Nielsen’s Global Consumer Confidence Survey.

Other findings include:

  • Recessionary sentiment improved in 31 of 60 measured markets from the first quarter.
  • European consumer confidence increased two points to an index score of 97.
  • Worries about the economy, job security and health issues are top global concerns.
  • A closer look at country-level insights within global regions.
  • Confidence in North America remained optimistic at an index score of 101.

For more detail and insight, download Nielsen’s Q2 2015 Global Consumer Confidence Report.

About the Nielsen Global Survey

The Nielsen Global Survey of Consumer Confidence and Spending Intentions was conducted May 11-29, 2015, and polled more than 30,000 online consumers in 60 countries throughout Asia-Pacific, Europe, Latin America, the Middle East/Africa and North America. The sample has quotas based on age and sex for each country based on its Internet users and is weighted to be representative of Internet consumers. It has a margin of error of ±0.6%. This Nielsen survey is based only on the behavior of respondents with online access. Internet penetration rates vary by country. Nielsen uses a minimum reporting standard of 60% Internet penetration or an online population of 10 million for survey inclusion. The China Consumer Confidence Index is compiled from a separate mixed methodology survey among 3,500 respondents in China. The sub-Saharan African countries in this study are compiled from a separate mobile methodology survey among 1,600 respondents in Ghana, Kenya and Nigeria. The Nielsen Global Survey, which includes the Global Consumer Confidence Index, was established in 2005.