Scholar’s Groundbreaking Study On Price Haggling Strategy Illuminates Consumer Behavior In Developing Nations

Oluchi Chibuzor

A pioneering study led by Dr. Bamidele Adeleke, a marketing and strategy lecturer at the Ladoke Akintola University of Technology, Ogbomoso, is garnering global attention for its profound implications on consumer decision-making in developing economies. His research, focused on the psychological and economic effects of price haggling strategies among consumers and sellers in West Africa, particularly in Nigeria, has ignited a global dialogue on informal market systems, buyer psychology, and the nuanced realities of economic behavior in emerging markets.

The study, titled “Price Haggling Strategy and Consumer Decision-Making Outcomes in Selected Open Markets in Nigeria,” is the first of its kind to systematically examine the interplay between negotiation culture and consumer psychology in street markets, open-air stalls, and small-scale retail — economic lifelines for millions across the Global South.

Why This Study Matters Globally
While haggling is often dismissed or misunderstood in Western economic models, Dr. Adeleke’s work challenges this narrative. His research reveals that price negotiation in informal economies is not merely a cultural artifact but a sophisticated, adaptive strategy rooted in trust, social norms, and perceived value. Using a mixed-methods approach that combined a survey with qualitative interviews, and real-market data over a three-year period, the study demonstrates that: Consumers experience higher satisfaction and perceived control when they engage in bargaining, compared to fixed-price transactions — a sharp contrast to common assumptions in neoclassical economics. Price negotiation encourages loyalty to specific vendors and enhances long-term buyer-seller relationships, serving as a substitute for a formal customer service infrastructure. Socioeconomic status and gender significantly affect haggling outcomes, revealing important equity considerations for development policy and economic inclusion.
Exposure to global retail formats (like malls and supermarkets) among urban youth is gradually shifting consumer behavior away from bargaining, suggesting a cultural-economic transition that could have lasting policy implications.

Impacts on International Development and Policy
Development economists and policymakers across the globe have taken notice. The African Development Bank and several NGOs operating in Africa and Southeast Asia have cited the study in recent white papers examining informal sector dynamics. The research doesn’t just explain consumer choices — it informs how we design aid programs, market-based interventions, and microfinance models.”

Additionally, Dr Adeleke will be discussing with UNESCO’s Inclusive Economies Task Force on how to integrate his findings into their ongoing research on cultural economies and sustainable development.
Academic and Entrepreneurial Relevance
Some academic institutions across the world have requested to collaborate or use the research as part of coursework in behavioral economics, anthropology, and international development. Furthermore, local entrepreneurs and fintech companies in Nigeria, Benin, and Ghana are exploring how these insights can be used to design culturally resonant mobile commerce platforms that allow for negotiation, merging tradition with technology.

Personal Journey and Cultural Roots
Dr. Adeleke, who grew up in Ibadan and Ota, Nigeria, and was the son of civil servants with business initiatives, attributes his upbringing to inspiring the research. “I spent years watching my mother negotiate prices with a blend of humor, strategy, and empathy. I realized that what looked like a simple exchange was actually a complex psychological game — and one worth studying.” Educated in Nigeria, with degrees from the University of Nigeria and the University of Lagos, Dr. Adeleke seamlessly bridges academic rigor with lived experience.

His research and expertise led to performing a leading role in the establishment of the first marketing computer laboratory at the Department of Marketing, Ladoke Akintola University of Technology, a few years back. He hopes to produce a contextualized economic theory that challenges and revisits the dominance of Western-centric models and opens the door for other scholars from the Global South to reexamine narratives.

The Road Ahead
With plans to expand the study across other developing regions — including Southeast Asia and Latin America — Dr. Adeleke is poised to lead a global consortium on buyer informal theory and consumer decision-making psychology. His findings are also being considered to be recommended for policymaking by the African Continental Free Trade Area (AfCFTA) to inform consumer rights and vendor practices across the continent. As the world continues to search for inclusive models of economic development, Dr. Adeleke’s work stands as a reminder that understanding people’s everyday behaviors, especially in places often overlooked, can reshape how the global economy thinks, builds, and grows.