The CBN survey result showed that consumers were however 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 and have plenty over savings in the next quarter and the next 12 months.
The survey showed that most respondents expected prices of goods and services to rise in the next 12 months, with an index of 36.2 points.
Details showed that the major drivers were savings, purchase of car/motor vehicle, purchase of appliances/ durables, education, food & other household needs and purchase of houses.
In the overall buying intention index, details showed that in the next 12 months, it stood at 29.7 index points, indicating that most consumers did not intend to buy big-ticket items in the next 12 months.
The report also stated that the overall buying conditions index for big-ticket items in the current quarter stood at 20.1 points.
By implication, majority of consumers believed that the current quarter was not the ideal time to purchase big-ticket items such as consumer durables, motor vehicles and houses.
Abimbola Agboluaje
Abimbola is the Managing Director of WNT Capitas, specializing in consulting on strategic communications, investment risk analysis, and policy reform. He holds a PhD from the University of Cambridge, where his dissertation focused on development aid conditionality.
