Nigeria’s Consumer Confidence drops slightly in July – NOIPolls survey




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NOIPollsAccording to highlights from the July 2014 Portfolio Indices Result released by NOIPolls Limited, Nigeria’s Consumer Confidence Index (CCI) recorded 0.6 point decline from June 2014 to stand at 71.2points. The Present Situation Index (PSI) which stands at 60.4 points and the Expectation Index (EI) which stands at79.2 points, (which are the two indicators make up the CCI) both experienced slight declines 1.2 points and 0.1 point respectively. NOIPolls Limited is a leading country specific polling provider in West Africa, which works in technical partnership with the Gallup Organisation, USA, to conduct periodic opinion polls and studies on various socio- and political issues in Nigeria. The slight decline in the Consumer Confidence Index result which was obtained through telephone interviews a random nationwide sampling 4,000 phone-owning Nigerians aged 18 years and above, representing the six geopolitical zones in the country, implies Nigerians remain positive about their current personal situation, the economy and are also hopeful about their future. The survey also revealed Personal Well-Being Index (PWBI) for Nigeria in the month July, 2014 recorded slight increase to stand at 41.5 points. Furthermore, there was a decline in three of the seven indicators constitute the PWBI ( living, Achievement in life & situation), and an increase in three other indicators (Personal security, Social interaction & Religion); while the Indicator remained unchanged. Additionally, the Achievement in Life index experienced the highest decline with 1.9 points, while the Personal Security Index experienced the largest increase with 1.4 points.[eap_ad_2]

In February 2014, NOIPolls Limited introduced its portfolio of indices; the NOIPolls Personal Well-Being Index (PWBI), the NOIPolls Consumer Confidence Index (CCI) and the NOIPolls Eagle 30 Confidence Index (EBCI). The NOIPolls Personal Well-Being Index measures factors impacting on the lives of everyday Nigerians; thereby producing a complete view of the individual’s personal well-being. The NOIPolls Consumer Confidence Index provides consumer assessments of the situation and their intentions and expectations for the future. The NOIPolls Eagle 30 Confidence Index measures leaders’ perceptions and expectations about the Nigerian using the top 30 in the country.

Nigerian businesses, financial and government agencies largely depend on their perceptions and micro assessment of consumers’ expectation in making decisions. At best, they draw conclusion on the based on from their immediate surroundings while the minority conducts surveys that are time and money consuming.
However, the introduction of these indices provides indicators that ensure stakeholders can detect and respond to changes in consumer behaviour, the economy, and the business in Nigeria.[eap_ad_3]