Browsing: Kenyan Consumers

• Kenyan consumers defy 8-year high Lending Rate as 60 per cent set sights on borrowing over the next year
• Nearly all consumers (99 per cent) deem access to credit as essential for financial inclusion and economic participation
• Digital platform usage is increasing, with 42 per cent of Kenyans conducting at least half of their transactions online.

Kenyan households experienced a modest financial rebound in the second quarter of 2024, largely driven by new business ventures, enhanced debt management, and less impact from job losses. This is according to the second quarter Consumer Pulse Study by insights company TransUnion.

According to the study, 34 per cent of consumers saw an increase in income in the last three months, led by gains among the Gen Z (18–26 years old) and Millennial (27–42 years old) groups.

While a similar number (36 per cent) of consumers also reported a decrease in income over the …

• Income streams for Kenyans have remained constant, against expenditures becoming more inconsistent.
• Nine out of 10 Kenyan consumers earn less than or the same as before Covid-19.
• The report further highlights that satisfaction levels with current household income are poor with just one in 10 being satisfied with the exception of higher income earners.

Financial distress with declining income streams for Kenyans

More people are increasingly foregoing important financial services such as insurance, savings, and short-term investments on the back of stagnated income streams.

According to Old Mutual’s inaugural financial services monitor report, a focus on Kenya shows nine out of 10 Kenyan consumers are earning less than or the same as before COVID-19, as the situation prompted financial stress due to less money in their pockets.

This is as expenditure becomes more inconsistent against a consistent income stream, the firm says in part.

Old Mutual Group is a premium …