Africa’s first monthly consumer confidence index (KIC Score) dropped slightly to +10 in April, a 3 percentage drop from March all-time high of +13, according to KASI Insight Brief
At this level, it means that the number of consumers who are optimistic is slightly higher 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 positive in the countries’ urban centers polled.
Consumers are a little bit concerned with the current economic conditions with the sub-metric dropping 7 percent at -12.
Despite the negative sentiment with current economic conditions, consumer optimism about future economic prospects as shown by the sub-index metric remained unchanged at +19 in April.
Men continue to be more optimistic than women (+11 vs +9) and younger people (aged 29 and younger) have the highest confidence measure (+14) compared to +12 for people 30 years and older.
The April readings of the KIC score range from -5 in Tanzania to +20 in Nigeria.
In 5 out of 7 countries, consumer confidence dropped in April with the main drivers being Ghana and Tanzania.