The purchasing power of Kenyans has seen a significant decline owing to some economic challenges. In the past year, citizens of the East African country have been faced with rising commodity prices, while their incomes stagnated. As a result, Kenyans could scarcely purchase goods the same way they may have been accustomed to.
A report by the Consumer Spending Index released on Tuesday, as seen in the Kenyan news publication, The Star, states that Kenya’s purchasing power was reduced by 1.5%, while income remained the same or declined from 2022 to 2023. According to the ICEA report, semi- and unskilled manual workers suffered the worst, with the greatest fall in spending.
Although all levels of earners including; executive, skilled, and unskilled workers, had reduced spending in Q3 of 2023, the lower-income consumers had the highest share (9%) of reduced personal consumption expenditure in the period under review.
During the period 37% of Kenyans had maintained the same level of income, 38% saw a decline and 24% had an increase in revenue.
source: business insider
