Despite the return of operation in businesses after the lockdown in Nigeria, some Nigerians say 2021 is not an ideal time to purchase big-ticket items like consumer durables, cars, house, etc.
This is one of the highlights of the Consumer Expectations Survey for the fourth Quarter in 2020 (Q4 2020) by The Central Bank of Nigeria (CBN).
A sample size of 2,070 consumers from 207 Enumeration Areas (EAs) across the country were interviewed.
The interview revealed that at 29.9 index points, most consumers do not intend to buy expensive items in the next 12 months.
This is as a result of consumers expecting the prices of goods and services to rise in the next 12 months with an index of 43.1 points.
Similarly, borrowing rate is expected to rise and naira is expected to appreciate in the next 12 months with indices of 12.2 and 3.9 points, respectively.
The unemployment index for the next 12 months also remained positive at 36.9 points in Q4 2020, indicating that consumers generally expect the unemployment rate to rise in the next one year.
However, Nigerians showed little hope in the next quarter and next 12 months with indices of 10.5 and 28.9 points, respectively, as they anticipate improvement in the economic conditions.
Furthermore, there are expectations to save a bit and/or have plenty over savings in the next quarter and the next 12 months.