September 13, 2024/CBN
EXECUTIVE SUMMARY
The August 2024 Household Expectations Survey comprising the Consumer Expectations Survey (CES) and Inflation Attitude Survey (IAS) was conducted during the period of August 12-16, 2024, with a response rate of 99.9 percent. The sample size was 1,665 Households, drawn from the National Bureau of Statistics (NBS) and National Population Commission (NPopC) Master Sample List of Enumeration Arear (EA) Frame.
The excerpts of the report are as follows:
- The overall outlook of consumer sentiments in August was pessimistic.
- Consumer Outlook for the next month and next two months suggested expectations of easing conditions.
- On average, more households expect a surge in their expenditure on basic commodities and services in the current month and expectations of reduced spending in the subsequent months and increased savings
- Most consumers are cautious that the review period would not be an ideal time to purchase big ticket items like Consumer Durables, Motor Vehicles, and Buildings & Landed Properties.
- Respondent households expressed concerns about the impact of rising prices on the economy, with the majority believing that higher prices would lead to a weaker economy.
- Although the current consumer outlook remains negative, respondents’ expectations for the next month and the next three months indicate a slight improvement.
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