Africa Press-Nigeria:<\/p>\n
The Central Bank of Nigeria (CBN) has said that consumers\u2019 confidence dipped in the third quarter as consumers were pessimistic in their outlook.<\/p>\n
The index at -21.2 point was 25.0 points lower than the index in the corresponding period of 2019. Respondents attributed this un-favourable outlook to declining economic conditions, family financial situation and declining family income.<\/p>\n
The apex bank explained that the 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.<\/p>\n
\u201cThis positive outlook could be attributed to the expected increase in net household income, an anticipated improvement in Nigeria\u2019s economic conditions and expectations to save a bit and\/or have plenty over savings in the next quarter and the next 12 months,\u201d he said.<\/p>\n
It said most respondents expect prices of goods and services to rise in the next 12 months, with an index of 36.2 points. The major drivers are: savings, Purchase of Car\/Motor Vehicle, Purchase of Appliances\/ durables, Education, food & other household needs and purchase of houses.<\/p>\n
\u201cThe\u00a0overall buying conditions\u00a0<\/strong>index for big-ticket items in the current quarter stood at 20.1 points. This indicates that majority of consumers believed that the current quarter was not the ideal time to purchase big-ticket items like consumer durables, motor vehicles and house and lot\u201d.<\/p>\n \u201cOverall buying intention\u00a0<\/strong>index in the next twelve months stood at 29.7 index points, indicating that most consumers do not intend to buy big-ticket items in the next 12 months. The buying intention indices for consumer durables, motor vehicles and house & lot were below 50 points, which shows that respondents have no plans to make these purchases in the next 12 months\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":" Africa Press-Nigeria: The Central Bank of Nigeria (CBN) has said that consumers\u2019 confidence dipped in the third quarter as consumers were pessimistic in their outlook. The index at -21.2 point was 25.0 points lower than the index in the corresponding period of 2019. Respondents attributed this un-favourable outlook to declining economic conditions, family financial situation […]<\/p>\n","protected":false},"author":62,"featured_media":31959,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[503],"class_list":["post-31957","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-cbn"],"yoast_head":"\n