Nairobi, Kenya - Africa's first monthly consumer confidence index (KIC Score) rose slightly in August at +11. At this level, it means that the number of consumers who are optimistic is slightly superior that those who are pessimistic (a score of zero implies equal numbers in both camps). With a maximum of 100 and a minimum of -100, the current KIC level indicates that economic confidence continues to be barely positive in the urban centers polled. Consumers are concerned with the current economic conditions with the sub-metric dropping 4 percent to -15. Despite these concerns with current economic conditions, consumers are hopeful about the future economic prospects as shown by the sub-index metric rising 4 percent to reach +22 in August.
The August readings of the KIC score range from -21 in South Africa to +37 in Ghana. After hitting an all-time low in July, Kenya consumer confidence rebounded slightly after the election results. The index has been underperforming since the beginning of the year but is up 5% YTD and 7% up MoM.
The confidence score was computed before the supreme court decision to void the election results and schedule a second round in October. The Kenya stock market lost 92 billion shillings ($891.90 million) in capitalisation on September 1st following the supreme court decision.
KASI KIC Score’s 3293 sample survey of individuals in 7 urban centers in Africa was carried out between Aug 24 - Sept 1, 2017, and was conducted via our desktop survey capability.
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About KASI KIC Score
The KASI Insight Consumer Confidence Score (KIC SCORE) is a composite index compiled from a seven-questions survey that runs monthly via our consumer polls in the countries covered. The data output is based on fresh, randomly selected representative sample of city dwellers aged 18-64.
Released the first week of every month, the KASI Insight Consumer Confidence Index (KIC Score) provides a focused view on consumer perceptions in seven African urban centers (Ghana, Nigeria, Kenya, South Africa, Cameroon, Ivory Coast, Tanzania) where most spending in the continent is concentrated. The survey provides a simple measure of consumers’ optimism about their economic prospects in the near term and attitude towards making major purchasing decisions.
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