Nigeria’s population is projected to nearly double by 2040, as it reaches 313 million citizens. Rapid urbanisation will continue, while the median age will be 21.1 as Gen Alpha is expected to dominate the consumer landscape. Soaring inflation and high unemployment continue to deepen social inequality. Despite limited budgets and concerns around rising living costs, Nigerians prioritise comfort and quality, often seeking out tailored goods.
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Overview:
Consumer Profiles reports provide key insights into the country's consumer landscape and uncover related business opportunities in 40 countries.
The Consumer Profiles offer valuable statistics and insights into key consumer indicators, linking household size, age, income, and spending patterns to behavioral trends and consumption habits. Utilizing a wide range of socioeconomic data, these reports quantify behaviors, preferences, and motivations both presently and forecasted across 40 markets. Analysis also encompasses Euromonitor’s lifestyles survey results, alongside the examination of longer-term shifts in consumer attitudes and behavior, analyzing their impact within each of the 40 countries. Consumer profiles are constantly changing, influenced by both socioeconomic factors and behavioral changes. Understanding these shifts is imperative for businesses to maintain competitiveness and adapt in order to capitalize on emerging opportunities.
The Consumer Profiles in Nigeria report includes:
A high-level analysis of socioeconomic data, including insights on demographics, income and expenditure, households, and consumer lifestyles backed by both in-house statistics and survey data. It also provides a concise compilation of socioeconomic data, offering a snapshot of the consumer landscape today (2022) and in the future (2040). The report is also illustrated with relevant and actionable case studies
The Consumer Profiles in Nigeria report answers:
- How consumers in Nigeria are changing?
- What are key changes in Nigeria population, society and generational structure and how it is affecting businesses?
- What is the household structure in Nigeria and how it is changing consumer landscape?
- What are key income groups in Nigeria? What is the outlook for the future?
- Where consumers are spending the money in Nigeria?
- How is the consumer mindset in Nigeria changing?
- In Nigeria, what are consumer attitudes towards “green” and sustainable products?
- Where and how do consumers shop in Nigeria?
Scope
Key findings
Key drivers affecting consumers in Nigeria in 2023
How developments today shape the consumer of tomorrow
Today 2023: Gen Alpha remains the largest consumer group in Nigeria
Elevated birth rates keep Nigeria’s growing population young
Obesity is far more prevalent in women than in men in Nigeria
Tomorrow 2040: Ageing seniors to increase at the most rapid pace
Owing to high fertility rates, a significant portion of Nigeria’s population will be Gen Alpha and Gen Z
Lagos remains popular among rural migrants in search of economic opportunities
Opportunities for growth
Case study: Coca-Cola Nigeria partners with local influencers to create authentic content
Today 2023: Nigerian households remain large owing to cultural preference for big families
Single-parent families set to see the fastest growth of all household types
Mortgage financing remains a challenge for majority of homeowners
Tomorrow 2040: Disposable incomes per household to surpass the regional average by 2040
Nigerian household heads are most commonly males in their thirties
Broadband internet access and daily internet usage expected to nearly double by 2040
Opportunities for growth
Case study: Family Homes Funds Limited makes mortgage financing more accessible
Today 2023: Soaring inflation restricting rise in disposable incomes
Consumers remain concerned about high inflation
Baby boomers are Nigeria’s most optimistic generation
Tomorrow 2040: Substantial increase to gross incomes expected for consumers aged 55+
Senior consumers benefit from accumulated assets and additional income sources
Abuja set for the fastest expansion of consumer spending by 2040
Opportunities for growth
Case study: Nestl é Nigeria introduces smaller package sizes for budgeting consumers
Key findings of consumer survey
Millennials and baby boomers agree health and nutritional properties are worth a premium
As prices rise, most Nigerians are looking to buy fewer goods instead of lower quality
Nigerians are increasingly making an effort to impact the environment positively
Few Nigerians are confident in their current financial situation, but most remain optimistic
Nigerians maintain their entrepreneurial spirit, as AI advancements reshape the job market
Opportunities for growth
Case study: Jumia makes e-commerce more welcoming to sceptical consumers
Key findings
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Gain a thorough knowledge of shifting consumer landscape and attitudes s and fill in information gaps to inform product/service development, market positioning and channel strategy.
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