A survey conducted by the Central Bank of Nigeria (CBN) reveals that consumers are planning to cut back on their savings and investments in the upcoming months due to rising prices of goods and services relative to their income.
In its ‘Household Consumer Expectation Survey Report (CES)’ for August 2024, the central bank noted that consumers do not intend to allocate a significant portion of their income towards major purchases, such as buying a house (-65.7 points), a car or motor vehicle (-65.6 points), and appliances (-44.5 points).
Furthermore, there is a limited intention to invest (-43.7 points) or save (-33.7 points) significantly.
This situation reflects their current financial challenges and suggests that they may need to dip into their savings or incur debt.
This trend is anticipated to continue in the near future.
