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Consumers will avoid luxury goods for months to come, says CBN

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CBN

The majority of Nigerian consumers are unlikely to buy expensive or luxury items in the next 12 months.

The Central Bank of Nigeria (CBN) made this known in its December 2020 Consumer Expectations Survey (CES) Report, released by the main bank’s Statistics Department on Tuesday in Abuja.

According to the report, most consumers believed that the coming year would not be ideal for purchasing high-cost items like cars and houses.

CBN said that the majority of those who responded to the survey expect the naira to appreciate, while the inflation rate will rise and the lending rate will rise in the next 12 months.

According to the report, the overall index of purchase intention in the next 12 months stood at 29.9 index points, indicating that the majority of consumers do not intend to buy expensive items in the next 12 months.

The report says: “The overall outlook for consumer confidence was pessimistic in the fourth quarter of 2020, standing at -14.8 index points.

“Consumers attributed this unfavorable outlook to the deterioration of economic conditions, the family financial situation and the decrease in family income.

“Most consumers expect the prices of goods and services to rise in the next 12 months, with a ratio of 43.1 points, largely driven by savings, food and other household necessities.

“Consumers generally expect the unemployment rate to increase next year, and the unemployment rate for the next 12 months will remain positive at 36.9 points in the fourth quarter of 2020.”

YAYA

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