NOIPolls Consumer Confidence Index Declines by 2.8-Points In November

In the face of devalued naira, dwindling oil revenue and Christmas and New year celebrations at hand, the Portfolio of Indices report released by NOIPolls Limited for the month of November 2014 revealed that the Consumer Confidence Index (CCI) declined by 2.8-points to 68.8-points in November 2014 from 71.6-points in October 2014.

In line with this, a decline was experienced in all the indices that make-up the CCI, except for the Expectation of Prices of Goods and Services Index which saw a significant increase of 5.1-points.

This might be driven by the anticipation of Nigerians for increases in the prices of goods and services during the festive period.

Furthermore, the Present Situation Index (PSI) and the Expectation Index (EI), the two indicators that make up the CCI, dropped by 4.6-points and 1.5-points respectively.

More findings revealed that the NOIPolls Personal Well-Being Index (PWBI) slightly increased by 0.07-point to stand at 45.07-points. Furthermore, the Personal Health Index had the highest increase with 2.5-points, while the Economic Index experienced the largest decline of 2.7-points. These are the key highlights from the November Portfolio of Indices Result Release.

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 Business 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 economic situation and their intentions and expectations for the future.

The NOIPolls Eagle 30 Business Confidence Index measures business leaders’ perceptions and expectations about the Nigerian business environment using the top 30 companies 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 business environment based on information from their immediate surroundings while the minorities conduct surveys that are time and money consuming.

However, the introduction of these indices provides indicators that will ensure stakeholders can detect and respond to changes in consumer behavior, the economy, and the business environment in Nigeria.

This report presents the November 2014 results for the NOIPolls Personal Well-Being Index (PWBI) and NOIPolls Consumer Confidence Index (CCI).

The NOIPolls Personal Well-Being Index (PWBI): The NOIPolls Personal Well-Being Index for November 2014 slightly increased by 0.07-point to stand at 45.07-points.

Analysis of the individual indicators that make up the PWBI reveals differences in perception and satisfaction of Nigerians on several aspects of their lives.

Nigerians are most satisfied in terms of Physical Health (77.4-points), Social Interaction (79.4-points), and Religion (88.7-points).

Nigerians are somewhat neutral in conditions of Standard of Living (52.2-points), Achievement in Life (54.9-points) and Personal Security (57.2-points), while Nigerians are not contented with their Personal Economic Situation (40.5-points).

This index has consistently remained the lowest ranked indicator for the past eleven months.

Monthly trend analysis indicates that only 3 of the indicators that makeup the PWBI experienced a decline while, 4 indicators (Standard of living (0.9-point), Health (2.5-point), Achievement in life (0.6-point) and Social interaction (0.2-point)) experienced an increase in the month of November 2014.

More findings from trend analysis show that the NOIPolls PWBI experienced a slight increase of 0.07-point in November 2014.

Additionally, the PWBI average since January 2014 is 43.1-points and the current PWBI for the month of November 2014 is 2-points above the eleven months average. Other details of the report are available at www.noi-polls.com.