Well, for starters, you may want to try the BRENTT Consulting Nigerian Consumer Trends report.
Moving along —> Finally, it seems, the world has its capitalist eyes set on Africa and by default, Nigeria. Many an article in recent times have pondered the growth of luxury brands in emerging economies, others have noticed that larger than life brands are rushing to ‘frontier markets’ in a last ditch effort to save the bottom line. It’s anyone’s guess the long lasting impact of the influx of FDI into Africa, especially once the global economy picks up in Western markets. Who will remain when the dust settles? Hmmm, time to start betting on this….
Meanwhile, Nigeria should be quite ready to soak up all the attention. KFC, Mango, Woolworth’s, Zara, Walmart are just some of the brands poised to change the consumer experience going forward. Reuters is noticing. Last week it ran an article (which reeked of a bit of confusion or surprise wouldn’t you agree?) showcasing the purchasing power and allure of Nigeria’s wealthy as Porsche launched it’s latest model 911 in Lagos. It seemed to scream to other global brands…”come over here, they’ve got a bit of money left!” On the same hand, the Financial Times takes a stab at Nigeria’s squeezed middle class and how purchasing behavior is changing especially for long held power brands such as PZ Cussons and Guinness Nigeria. It’s headline warns of imminent brand switching behavior for this much coveted income group.
So what’s the takeaway?…Well, wealthy Nigerians seem to be ready for the woo-ing but the average Nigerian wants quality for cheaper. He who has hears….