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Rise In Consumer Expenditure

Consumer Expenditure in Kenya on a Six-Month High

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  • The increasing food prices have majorly occasioned the rise in consumer expenditure. 
  • In the review period, 50 per cent of the Kenyans polled indicated static income levels over the last year
  • 53 per cent of Kenyans polled allocated less than 10 per cent of their income to travel and leisure expenditures.

The slight drop in inflation in Kenya has failed to soften the impact of Increased consumer spending after posting a 42 per cent rise in spending in the past six months. This is after a new survey showed that the country posted a six per cent rise in Kenyan expenditures compared to the preceding three months, which ended December 2023.

According to the latest spending index from ICEA LION Group, Kenyans’ spending escalated by 6 per cent from January to March this year. However, this growth was more subdued than the previous quarter, which witnessed a 36 per

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A savings group in Malanga, Kenya. Supporting extended family is hindering many Kenyans from savings. www theexchange.africa

Supporting extended family a hindrance to savings – Survey

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Most Kenyans, 83 per cent, indicated a willingness to increase the amount of money they allocate to savings and investments, but the inability to save due to insufficient funds after fulfilling their obligations that require regular funding and the availability of quick digital loans.

Among their obligations which contribute to Kenyans’ financial strain is supporting their extended family which considerably bites into their savings. 84 per cent of people indicated that they regularly provide some income to their extended family, mostly in case of emergencies, because they feel a sense of obligation to send their extended families money and because their extended family members treat them better when they are sent money.

On their part, the extended family members mostly use the money to cater to recurring expenses like food & transport, school fees and medical expenses at 23 per cent, 19 per cent and 18 per cent respectively. Farm-related …