Yuletide: How Consumers Attitude Reflect Economic Realities of States

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Market situations in the festive season have further corroborated the economic status of states in the south-west region as observed by Market Place. 

In Lagos State, the commercial nerve of the country, the experiences across   visited markets have further justified the ranking of the state as the fifth-largest economy in Africa with a gross domestic product of about $131 billion. Not showing any respect for the economic recession and the corresponding high cost of goods, Lagos market witnessed heavy activities as consumers shopped in large quantities to mark the season.

In ileepo, Abule Egba market, where foodstuffs are sold in wholesale and retail prices, saying that the market was crowded to the brim was an understatement as consumers turned up in droves to shop for their favourite items not bending to the high cost.

In Balogun, Lagos Island Market, a trader who deals in unisex clothing and fashionable accessories, Mrs. Kafayat explained that the positive trend in the market was least expected judging by the economic condition.

“I’m surprised that despite that people have been echoing the ‘no money song’, products have been moving faster than envisaged in the market.  “What I have observed in the lifestyle of consumers is that they go for what they like not minding the price. In so far they like an item, call it whatever price, they will pick it. I have just opened Italian fashion jeans which go for N14, 000 and believe me, I have sold almost 100 pieces. I am amazed, I must confess”.

In ogun state, a similar trend was noticed as the economic status of the state was well reflected in the purchasing attitude of the residents. Recently, the Economic Confidential listed the state among the five rich states in Nigeria in terms of its Internally Generated Revenue. The affair at the popular Lafenwa market in the state capital didn’t contradict this ranking as residents that came in contact with Market Place testified to having a fulfilling celebration. 

In Osun State however, it was a different song, from the consumables to   fashion and accessories display. Asides the fact that the market activities were slim, traders complained that the few buyers pleaded to buy on credit and promised to pay when salaries are confirmed. 

At MDS market in Osogbo, Mrs Eniola Omisore, told Market Place that this year’s experience had been the worst so far.

“Ordinary, in a season like this, I don’t have a left-over market, all my goods don’t get to the next day. Unfortunately, sales have been poor, not too many are buying in large quantity; most of the customers’ requests have been for a half bag or one quarter of a bag 

while many others go for the paint bucket. In fact, people come pleading to buy in credit with a promise to pay later. It is terrible “, she enthused.

Osun State, popularly labelled, the civil servant state, has for some time been battling salary payment of workers but later resorted to payment of half salaries to mitigate the effect of the economic crisis on workers. Workers however still complained that the half payment has not been regular, thus, subjecting the majority of the population to a not-too-comfortable lifestyle.