Despite lockdown regulations easing and the Nigerian economy reopening, consumers are increasingly uncertain about the speed of the economic recovery. The majority of consumers expect routine and financial implications to last beyond the next two months. A higher proportion of consumers witnessed a decrease in income, savings, and spending levels. They intend to be mindful of spending in the coming weeks and are on the lookout for savings, while increasing spending on essentials, entertainment, and fuel.
Consumers claim they increasingly intend to purchase essentials in-store, while discretionary purchases are likely to shift online. More than 50 percent of consumers are shopping at new stores, retailers, and websites, citing better prices, promotion, and easy accessibility as top reasons for doing so. Even as many Nigerians are concerned about the safety of out-of-home activities, they plan to increase their participation in the next two weeks.
These exhibits are based on survey data collected in Nigeria from June 16–18, 2020. Check back for regular updates on Nigerian consumer sentiments, behaviors, income, spending, and expectations.
