In Nigeria, the Eid El Kabir celebration is traditionally associated with increased economic activities, marked by shopping for food items, clothing, and gifts. However, concerns arise due to the recent economic downturn and its potential impact on market conditions during this festive period.
To gain insights, Eventville Magazine conducted a market survey and interviewed market vendors to assess consumer behavior and spending patterns during Eid El Kabir.
Market Movement and Ram Prices:
Market vendors expressed mixed perspectives. Mr. Ahmed, a vendor, noted that despite economic challenges, the market remained active during the celebration. Conversely, Mr. Fatai Abubakar, a ram seller, mentioned low and discouraging sales, attributing it to high transportation costs. Ram prices varied, ranging from N50,000 to N350,000, largely influenced by size and transport expenses.
Factors Influencing Price Increases:
Some traders suggested that prices had already escalated before the removal of fuel subsidies, citing arbitrary increases by vendors. Mrs. Amaka Ebi, a rice seller, stated that the cost of Nigerian rice had risen considerably, with a 50kg bag now sold at N36,000 compared to N28,500 in 2022.
Mixed Market Conditions:
Mrs. Fatima, a clothes seller, described the market conditions as a mixed bag. According to her, “consumers displayed caution due to economic challenges, aiming to cut back on expenses and becoming more selective in their purchases. However, there were still customers willing to indulge in designer clothing and luxury food items.”
Changes in Consumer Behavior and Spending Patterns:
Mr. Yusuf, a market vendor, highlighted the noticeable changes in consumer behavior. Price-consciousness has increased, with consumers actively comparing prices, seeking discounts, and negotiating with vendors. There is a shift towards purchasing essential items over luxury goods, emphasizing practicality and value for money.
Resilience and Adaptation:
Despite the economic downturn, the Eid El Kabir market has adapted and demonstrated resilience. While overall sales may have slightly declined, the market remains active, catering to celebrants’ needs. Consumers’ cautious spending reflects the economic impact, but it also showcases their determination to sustain economic activities during festive seasons.
The market survey and interviews with market vendors shed light on the response of both vendors and consumers during Eid El Kabir. Although challenges persist, the market maintains its vitality.
Consumers prioritize value for money and seek discounts, while vendors adapt to changing consumer behaviors. This resilience highlights the determination to uphold economic activities during festive seasons, even amidst economic difficulties.