The Q2 Zambia Consumer Pulse Study reported a mixed financial outlook for Zambian consumers. Whereas 38% saw rising incomes over the previous quarter and 82% expected further increases in the coming year, many were bracing for higher cost of living and loan expenses in the months ahead.
To meet financial obligations and manage debt, 43% intended to make instalment payments; 29% planned to borrow from friends and family; almost a third were open to using their savings; and 39% said they’d cut discretionary spending.
Access to credit and confidence in the credit market have declined. While 96% valued credit access, only 30% believed they had sufficient access, and 62% did not intend to seek new credit or refinance loans due to rising interest rates.
With increased awareness of digital fraud, 76% reported being targeted in the last three months. Notably, 95% of Zambian consumers were wary of sharing personal information.
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