A recent TransUnion study reveals that 85% of Kenyan consumers are optimistic about income growth in 2024, driven by improved debt management. The ‘Consumer Pulse Study’ highlights a modest financial rebound in Q2 2024, fueled by new business ventures and reduced job loss impact. Income increased for 34% of consumers, particularly among Generation Z and Millennials, while 36% saw a decrease. Despite income optimism, 49% plan to cut discretionary spending, and 42% anticipate reducing large purchases. However, increased disposable income is expected to be directed toward retirement funds (48%), bills and loans (41%), and digital services (38%). The study also notes a significant improvement in bill payment, with 64% of consumers able to pay in full, and debt management remaining a priority
