Africa’s Consumer Confidence reached double digits again since 2018

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The article highlights the findings of the NielsenIQ Africa Prospects Indicator (APi) report, which shows that consumer confidence in Africa has reached double digits for the first time since 2018, indicating signs of recovery from the pandemic-induced economic downturn. The report reveals that Nigeria, Egypt, and Kenya are the top three countries in Africa where consumer confidence has seen the most significant improvements, driven by economic recovery and improved access to vaccines. The report also suggests that businesses should prioritize digital innovation, sustainability, and convenience to meet changing consumer demands and remain competitive.

Here are 5 key takeaways from the article:

1. Consumer confidence in Africa has reached double digits for the first time since 2018, indicating a positive outlook for the continent's economy.
2. The COVID-19 pandemic has had a significant impact on consumer confidence, with many African countries seeing a decline in 2020.
3. The countries with the highest consumer confidence levels in 2021 are Ethiopia, Nigeria, and Ivory Coast.
4. Consumers in Africa are most concerned about job security, inflation, and healthcare.
5. The growth of e-commerce and digital payment options is likely contributing to the increase in consumer confidence as it offers more convenient ways to shop and pay.