MasterCard Worldwide Survey on Consumer Purchasing Priorities
MasterCard Survey on Consumer Purchasing Priorities- Travel
In the past 12 months, consumers in Kenya were more skewed towards domestic travel as compared to making international trips for both leisure and business purposes.
In terms of international travel, 1 in 10 Kenyans travelled internationally in past 12 months.
For domestic travel, two-thirds (60%) of the respondents who were surveyed had made a trip for leisure while slightly below half (40%) had made a trip for business.
MasterCard Survey on Consumer Purchasing Priorities- Dining & Entertainment
Fast food and mid-range family restaurants/cafes are the most common places to dine amongst Kenyans (51% and 47% respectively), followed by Pubs/Bars and Food courts respectively.
For entertainment, live performances and live sporting events are the most popular places to go, with more than half of the respondents saying that they spend their time in these places.
Interestingly, even though only 19% of Kenyans surveyed visit the gym, they make an average of 19 visits per month, a figure higher than any other entertainment outlet.
MasterCard Survey on Consumer Purchasing Priorities- Money Management
The majority (84%) of Kenyans intend to save the same or more in the next 6 months. Investments are the key reason for saving, with 71% expressing that they will save for making wise investments. On average, Kenyans save 20% of their income, with the majority (84%) intending to save more over the next 6 months due to the uncertain economic conditions.
Nearly all Kenyan consumers understand the need for budgeting and to keep track of their spending on a regular basis. However, two-fifths (41%) report that there are problems keeping up with their financial commitments. Half of all Kenyans have trouble saving for large expenses and nearly as many struggle to meet their financial commitments
Kenyan consumers believe in saving on monthly income regularly (96%), although below half (38%) have calculated their retirement fund properly.
Nearly all Kenyans surveyed understand the need to compare features of similar financial products before deciding on the suitable one to purchase (90%). Nine-tenths of Kenyan consumers also compare product information and regularly monitor their investments.