Ever heard people say the economy has forced the rich and poor into the same class? That might not be entirely true, but what they’re really pointing to is how inflation is squeezing everyone’s finances.
According to the National Bureau of Statistics (NBS), Nigeria’s inflation rate climbed to 24.23 percent in March before recently dropping marginally to 23.7 percent in April.
The high inflation rate has triggered a surge in the cost of living in Nigeria. From food and transportation to rent and basic services, nothing has been spared.
In this listicle, TheCable highlights how inflation is changing Nigerian consumer habits, especially as purchasing power continues to decline.
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Thrift surge
Second-hand clothes, popularly known as ‘okrika’, and pre-owned household items are no longer just for low-income earners. These days, more shoppers are skipping malls and heading straight to thrift markets, where they can find affordable alternatives to cushion the impact of rising prices.
Dining out is now a luxury
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Eating out has become a strain on the wallet. More Nigerians are cooking at home to cut costs and stretch their income.
Embracing DIY
Nigerians are increasingly embracing a do-it-yourself (DIY) culture. From beauty routines like makeup and hairstyling to home repairs such as fixing sockets and plumbing leaks, many now opt to handle tasks themselves rather than hiring professionals.
Non-essentials are off the list
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New gadgets, trendy clothes, and even skincare products are no longer priorities. More people are channelling their income toward food, rent, transport, and school fees. Necessities are now prioritised over wants.
Preference for cheaper food alternatives
Nigerians are switching to more cost-effective food options. Expensive protein sources like meat and eggs are being substituted with more budget-friendly options such as crayfish and cow hide (ponmo).
Shopping in smaller quantities
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Stocking up is no longer realistic for most people. Many Nigerians now buy food in bits, focusing on what’s needed daily or weekly.
Cutting down on unnecessary travel
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The removal of fuel subsidy has driven up fares, forcing many Nigerians to cut back on unnecessary trips. More people are now embracing carpooling and only leaving home when they have to.
Brand loyalty is dying
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Shoppers are ditching big names for cheaper, local or unpackaged alternatives that serve the same purpose.
Co-renting for survival
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Escalating rental costs are displacing people from desirable locations. Families are downsizing, moving to the outskirts, or teaming up with others to share rent and utility bills. This has become an approach to reducing housing costs so as to cope with inflation.
Delaying medical treatment
Many Nigerians are now avoiding hospital visits unless it’s an emergency because healthcare is expensive. This has led to reliance on self-medication and herbal remedies.
