Today, consumers are not smiling. They are facing challenging socio-economic environment and this is dictating how they spend money.
They are contending with inflation at 15.91% rate as at June 2026 according to official figures.
They are equally facing higher fares occasioned by increased fuel price, higher utility bills, higher cost of cooking gas and house rent.
These challenges as said by analysts have affected Nigerian consumer purchasing power especially in the face of stagnant income. They therefore have to prioritise their purchases for essential products with affordable prices that meet their basic needs.
As this changing consumer behaviour pushes back brands to rethink strategies to stay in the market, a market analyst, Akonte Ekine, who is CEO of Absolute PR says brands that will win in the market place are “Creative producers who can meet the demand of the consumers”.
