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Consumer confidence on the wane: Report

09 April 2014, 08:35

Lagos - Consumer confidence in the country is increasing on the decline despite the significant economic growth.

This is according to a poll report conducted by NOIPolls Limited.

It revealed that Consumer Confidence Index (CCI) for March showed a significant 12-point decline from the previous month’s results.

The NOIPolls Personal Well-Being Index stands at 41 percent in March 2014 also indicating a 1-point drop from February.

The report stated that the CCI, which provides consumer assessments of the economic situation and their intentions and expectations for the future, fell from 80, 3 points in February to 68, 7 points during the period.

According to the report, the CCI comprises of independent variables, namely the Present Situation Index (PCI) and Expectation Index (EI).

It said in March, the PSI of 58,57 points showed that Nigerians felt slightly good about their present personal situations, while the EI score of 76,2 revealed that consumers were highly optimistic about the future.

According to the report, “Trend analysis shows that the overall CCI dropped by 12 points; the PSI increased by two points, while the EI experienced a highly significant 20-point decline. This drop shows that Nigerians have significantly lowered their expectations for the future by March compared to February 2014.”

The survey, according to NOI Polls, suggests that Nigerians started the year being highly optimistic, but this gradually dropped over the course of the year as the reality of their present situation encroached on their future expectations.

“This is significant in the light of March CCI results where the expectation index experienced a sharp decline and the present situation index experienced a slight increase. Quarterly trend analysis shows that the consumer confidence index of Nigerians experienced a total decline of 15.3 points over the first quarter of 2014,”  NOIPolls stated.

– CAJ News

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