The survey realized that African consumers are confident about their continued ability to spend on additional products and experiences.
Consumers are most concerned about recession, the price of fuel, goods, and services impacting their spend over the next 12 months, according to the latest PwC’s global consumers insights survey 2018.
The survey looked at consumers’ personal spending in the next 12 months compared to the previous 12 months.
According to the survey, for countries in Africa and the Middle East, the biggest concerns were around fuel and gas prices and economic recession and inflation (in other words, basic needs).
On factors that will influence spending in the next 12 months, 60 percent picked fuel and gas prices, economic recession and inflation were 64 percent and 55 percent respectively.
Consumer confidence – purchasing products vs unique experiences
The survey also realized overwhelmingly that people are confident about their continued ability to spend on additional products and experiences.
In the result, 28 percent spent more on experiences, and 27 percent spent more on products while 46 percent spent the same on experiences and 54 percent spent the same on products. “This is another indication that, overwhelmingly, people are confident about their continued ability to spend on additional products and experiences, “the report said.
Nigeria’s inflation report
On Wednesday, March 14, 2018, Nigeria’s statistical office, National Bureau of Statistics in its monthly Consumer Price Index (CPI) said inflation figure dropped from 15.13 in January to 14.33 percent in February.
The CPI report indicated that the Food Index (year-on-year) declined by 1.33 percent from18.92 percent in January to 17.59 percent in February with an increase in all major food sub-indexes for the month.
The highest increases were seen in prices of fuel and lubricants for personal transport equipment, maintenance and repair of personal transport equipment and narcotics during the month.
Dr. Yemi Kale, the Statistician-General, had expressed hope that inflation would fall faster in 2018 compared to 2017 but that spending ahead of 2019 presidential elections could stoke prices.