TUE, OCT 23 2018-theG&BJournal-Consumers showed a broad decline in confidence, a possible impact of the slow economic recovery, with decline in sentiment concentrated in the expectation of the country’s economic recovery and among businesses. That is the message gleaned from the latest NOIPolls Consumer Confidence Index (CCI).
The Index report released today by NOIPolls for Q3, 2018 reveals a 6.2-points decline in the CCI to stand at 60-points in Q3, 2018 from 66.95-points in Q2, 2018. The NOIPolls Consumer Confidence Index measures how optimistic or pessimistic consumers are regarding their present and future economic prospects. The drop in the CCI suggests that the spending pattern of Nigerian households declined in Q3, 2018.
Furthermore, the two variables that make up the CCI; the Present Situation Index (PSI) and the Expectation Index (EI) both experienced a decline. The PSI declined by 1.4-points from the results obtained in Q2, 2018 to stand at 41.7 -points in Q3, 2018, similarly, the EI declined by 9.7-points from the 84.77 obtained in Q2,2018 to stand at 75.1-points.
Each of the 7 variables that comprise the PSI and EI experienced a decline except for the prices of goods and services index which experienced an increase.
One the key variables, The Current Economic Situation Index, decreased by 2.4-points to stand at 41.7-points in Q3, 2018 when compared to the 44.1-points obtained in Q2, 2018, while the Expectation of the Country’s Economic Situation Index experienced the second highest decline of 9.6-points to stand at 84.2-points in Q3 2018.
‘’This signifies a drop-in consumers’ confidence on the improvement of the economic situation in the country,’’ according to the NOIPolls.
The Current Employment Situation index also declined by 6.9-points to stand at 51.7 in Q3, 2018 opposed to the 58.5 gotten in Q2,2018 and the Expected Employment Condition Index decreased by 4.7-point from 97.6 points to 92.9-points in Q3, 2018.
The Current Prices of Goods and Services is the only index that experienced an increase of 4.9-points from the 27.0 points of Q2,2018 to stand at 31.9 points in Q3, 2018.
This signifies that consumers perceived the prices of goods and services to have slightly increased during the period in view.
The Expectation of Prices of Goods and Services Index experienced the highest decrease of 16.9-points to stand at 64.2-points in Q3, 2018 from the 81.1 points for Q2,2018.
The Expected Total Family Income Index which was 66.7 points in Q2, 2018 decreased by 7.6-points to stand at 59.0-points in Q3, 2018.
According to the NOIPolls, The Consumer Confidence Index Poll was conducted in Quarter 3, 2018. The CCI involved telephone interviews of a random nationwide sample. 1,000 randomly selected phone-owning Nigerians aged 18 years and above, representing the six geopolitical zones in the country, were interviewed.
