Spending Trends Of The Nigerian Consumer In This Busy Season (Data Analysis)

<h4>Spending Trends Of The Nigerian Consumer In This Busy Season<&sol;h4>&NewLine;<h4><&sol;h4>&NewLine;<p><strong><a href&equals;"https&colon;&sol;&sol;openlife&period;ng&sol;">OpenLife Nigeria<&sol;a> <&sol;strong>reproduces data analysis by Aleph Group&comma; a leader in the digital and technology fields&comma;<br &sol;>&NewLine;of the spending curves of Nigerians in this busy season<&sol;p>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;<p>The festive season is approaching&comma; so consumers are preparing to splurge on a holiday and spend hard-earned money on much-needed items&period;<&sol;p>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;<p>But how are Nigerian consumers spending their cash&quest;<&sol;p>&NewLine;<p>New insights reveal insights into the trends of the Nigerian consumer as the busy season beckons&period;<&sol;p>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;<p>&&num;8220&semi;<em><strong>The peak shopping season highlights how increasingly tech-driven Nigerian consumers have become&comma;&&num;8221&semi;<&sol;strong> <&sol;em>said Jesudetan Onasanya&comma; Aleph&&num;8217&semi;s Regional Lead&comma; Sub-Saharan Africa&period;<&sol;p>&NewLine;<p>&&num;8220&semi;<em><strong>Retailers must recognise that value&comma; convenience&comma; and digital engagement are no longer options but vital elements of a successful retail strategy&period;&&num;8221&semi;<&sol;strong><&sol;em><&sol;p>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;<p><strong>Which platforms are Nigerian shoppers using to purchase goods and services&quest;<&sol;strong><&sol;p>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;<p>85&percnt; of Nigerian consumers use online shopping in one way or another&period;<&sol;p>&NewLine;<p>The same percentage of respondents claim they use the internet to research products they intend to purchase&period;<&sol;p>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;<p>An overwhelming number of consumers use popular online shopping platforms&comma; with 70&period;5&percnt; purchasing from traditional e-commerce sites&period;<&sol;p>&NewLine;<p>42&period;5&percnt; said they had bought merchandise&period; Audio streaming profiles like Spotify&comma; where users spend an average of 2&period;8 hours daily&comma; provide a valuable platform to reach new consumers&period;<&sol;p>&NewLine;<p>Ads are delivered to users in a way that is personalised and relevant&comma; making the experience non-intrusive&period;<&sol;p>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;<p>31&period;6&percnt; purchased items from food&comma; grocery&comma; and delivery apps&comma; highlighting the growing trend of online grocery shopping&period;<&sol;p>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;<p><strong>Consumer habits during peak season shopping<&sol;strong><&sol;p>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;<p>Consumers are getting ready to indulge in holiday shopping and visiting e-commerce sites for special deals&period;<&sol;p>&NewLine;<p>During these periods&comma; 36&percnt; of consumers surveyed said they always make online purchases during peak online shopping seasons&comma; with 15&percnt; waiting for enticing offers&period; 32&period;2&percnt; said they were unaware of the shopping season but would purchase something online if it was a good deal&period;<&sol;p>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;<p><strong>Social media is the best way to connect with Nigerian consumers<&sol;strong><&sol;p>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;<p>Nearly half of consumers &lpar;44&percnt;&rpar; claim to learn about new product offerings by viewing ads placed ahead of online videos&period;<&sol;p>&NewLine;<p>Social media apps like Snapchat are one of the most popular ways to market new products to consumers&comma; with 61&percnt; of respondents identifying social networking platforms as how they discover new items&period;<&sol;p>&NewLine;<p>Social media is considered the most effective to reach consumers&comma; with 72&period;3&percnt; believing social media adverts are the most impactful&period;<&sol;p>&NewLine;<p>On platforms such as Snapchat&comma; the average daily time is over 40 minutes&comma; and the audience is over 16 million people&period;<&sol;p>&NewLine;<p>Access to a digitally savvy audience through platforms like Snapchat is unmatched&period;<&sol;p>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;<p><strong>In-store shopping is losing its stronghold on Nigerian shoppers<&sol;strong><&sol;p>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;<p>Social media also has the most significant influence on Nigerian consumers&&num;8217&semi; purchasing decisions&comma; at 42&period;3&percnt;&period; Just 2&period;4&percnt; of respondents said they do 100&percnt; of their shopping online&comma; whereas 15&period;8&percnt; of consumers claim they do 75&percnt; online&period;<&sol;p>&NewLine;<p>Nigerian customers who shop in-store still use the internet to inform their purchasing decisions&period; 18&period;5&percnt; of Nigerian consumers read online product reviews and ratings before deciding&comma; while 13&period;9&percnt; compare prices online&period;<&sol;p>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;<p>Pinterest&comma; for example&comma; has become the go-to destination for Gen Z consumers to discover new trends&period;<&sol;p>&NewLine;<p>71&percnt; of users are high to medium-income earners&comma; making it a captive audience to tap into&comma; potentially driving high-value purchases&period;<&sol;p>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;<p><strong>Why Nigerian consumers prefer to shop online<&sol;strong><&sol;p>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;<p>48&period;8&percnt; of Nigerian consumers surveyed claim the main reason is convenience and the ability to save time&comma; negating the need to visit a store in person&period;<&sol;p>&NewLine;<p>Seeing customer reviews and product ratings is another benefit&comma; with 35&period;8&percnt; listing this as a motivating factor behind online shopping&period;<&sol;p>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;<p><strong>Plenty of benefits to shopping online<&sol;strong><&sol;p>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;<p>Nigerian consumers have identified several factors that make e-commerce the clever choice&period; 69&period;2&percnt; of respondents said reasonable prices positively impacted their online shopping experience&comma; while fast and free delivery made the experience more enjoyable&period;<&sol;p>&NewLine;<p>A fuss-free returns policy and the ability to spend loyalty points are also among the highlights of e-commerce&period;<&sol;p>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;<p><strong>Where next for consumers and e-commerce platforms&quest;<&sol;strong><&sol;p>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;<p>Brands must identify the correct social media platforms for the consumers they want to market to&period;<&sol;p>&NewLine;<p>For example&comma; platforms like X have seven million active users&comma; 84&percnt; of whom are aged 18-34&comma; making them ideal for targeting the tail end of Gen Z or the younger side of the Millennial generation&period; Understanding your target audience is essential&period;<&sol;p>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;<p>Nigerian consumers&&num;8217&semi; buying habits during peak shopping seasons reflect a shift towards affordability and convenience—those who fail to adapt risk being left behind in an ever-competitive market&period;<&sol;p>&NewLine;<figure id&equals;"attachment&lowbar;26879" aria-describedby&equals;"caption-attachment-26879" style&equals;"width&colon; 300px" class&equals;"wp-caption alignnone"><img class&equals;"size-medium wp-image-26879" src&equals;"https&colon;&sol;&sol;openlife&period;ng&sol;wp-content&sol;uploads&sol;2024&sol;09&sol;E-Passports-300x197&period;jpg" alt&equals;"Visa-Free Countries Nigerian Passport Can Travel &lbrace;Full List&rcub;" width&equals;"300" height&equals;"197" &sol;><figcaption id&equals;"caption-attachment-26879" class&equals;"wp-caption-text"><em><strong>Nigerian passport<&sol;strong><&sol;em><&sol;figcaption><&sol;figure>&NewLine;