High Cost Of Living: Consumers Turn to End-of-Year Promo Sales

The high cost of living in Nigeria has driven many consumers to rely heavily on end-of-year promotional sales to stretch their budgets, LEADERSHIP has learned.

Despite reports of lower prices of everyday products, especially food items, consumers still consider discounted sales as crucial for households seeking to buy essential items affordably.

Marketing experts and industry regulators note that promotional sales and price cuts are reshaping Nigeria’s consumer culture. More than just marketing tactics, these sales are now survival strategies for millions facing economic hardship. However, this trend also brings regulatory challenges aimed at protecting consumers from unfair and deceptive practices.

As Nigeria’s economy strains household budgets, promotional sales have become more than marketing tactics; they are survival strategies for millions of consumers. However, behind every discount banner lies a tightening web of regulation.

Every year in Nigeria, as promotional seasons roll around, families search for small ways to ease the pressure of rising prices. Beneath the excitement of flashing banners and “up to 80% off” signs lies a quiet struggle for fairness, access, and transparency in a tough economy.

Speaking on this development, the executive vice chairman of the Federal Competition and Consumer Protection Commission (FCCPC), Tunji Bello, said, “Our responsibility is to protect and promote the interest and welfare of consumers.”

He said, “Sales promotions should offer real value, not deception. When companies follow the rules, everyone benefits, from the corporate end to the man in the market.”

The FCCPC executive chairman reaffirmed that all sales promotions in Nigeria must be registered and monitored by the commission to ensure legitimacy, transparency, and fairness, saying the move is part of an ongoing effort to curb deceptive marketing and promote ethical competition in the marketplace.

Tunji Bello explains that some unscrupulous operators use promotional sales to exploit unregistered campaigns, noting that the FCCPC will close those loopholes and regulatory gaps that unscrupulous operators exploit to run unregistered campaigns.

“We are closing those loopholes. We now share data across state boundaries, and any operator conducting unregistered promos risks prosecution, ” he said.

Across Lagos, the impact of these rules plays out in markets and malls. Maryam Yusuf, a mother of three, checks prices on her phone before buying at the Surulere Mall. “When I see a 50% off tag on cooking oil or detergent, I feel relief. But I’ve learned to check the fine print. Some shops inflate prices before promo week. Still, if you’re smart, you can really save something, ” she said.

A bus driver in Ikeja, Chike Umeh, recalled joining a telecom promotion. “MTN’s Mega Billion thing helped me,” he says. “I didn’t win millions, but I got something. I used it to fix my bus. That was not small money at that time. I wish they would do it again.”

Such stories show how far Nigeria’s promotional economy has evolved. What once seemed like mere marketing has become a “parallel relief system” for many households. Online retailers like “Konga” and “Jumia” now stretch promo periods across weeks, offering discounts that, even if modest, provide real savings in a harsh economy.

As Bello puts it, “The idea is not to stop companies from promoting sales. It has to make sure consumers get what they are promised. We want a situation where the man in Surulere, the woman in Kaduna, and the trader in Aba can all benefit without being cheated.”

Consumer advocate, Jenkins Uweru, asserted that Promos now go beyond price cuts, adding that, Telecoms companies have turned them into “microeconomic support schemes”.

Speaking to LEADERSHIP,  the marketing strategist, divisional marketing director, Marketing Edge Publication, Anietie Udoh said, promotional sales must be licensed and approved, adding that companies must obtain a permit or license before launching such activities.

He noted that this will ensure fairness and prevent disguised gambling and exploitation. Promotions must be transparent, with clear terms, and regulators must be notified to supervise discounted prices and promo sales offerings, he said.

The marketing expert called for price regulation to sustain the retail economy, while stressing that most households are grappling with an affordability crisis, as they can’t afford staple foods and grocery products.

Some firms are responding by combining “online and offline entry methods,” such as USSD codes, in-store participation slips, and agent networks, a shift that aligns with the FCCPC’s inclusive protection mandate.

Anietie Udoh believes consumers have a role to play to verify that promotions are registered with relevant agencies and consumer state boards, while urging the need for consumers to “read terms carefully” and not fall for scams and fraudulent adverts.

As another promo season approaches, one message stands clear: there are real bargains out there, but only for those who look closely enough to find them, he said.

He further stated that promo sales enables companies to clear inventory, attract new customers, boost market shares, improve brand visibility and stimulate market demand for urgency, competitive buying and consumer excitements.

On SMEs, national pesident Association of Small Business Owners of Nigeria (ASBON) expressed strong support for the introduction of promotional sales campaigns as a means to empower small businesses and help them grow in the digital space.

ASBON’s comments were made explicitly in the context of their partnership, stating that promotional initiatives like this help accelerate economic empowerment for small entrepreneurs by equipping them with digital tools to scale their businesses and establish an online presence.

ASBON boss recognised sales promotions as an effective strategy to increase brand awareness, drive demand, and boost sales volume, ultimately leading to business growth and sustainability.

In essence, ASBON views targeted promotional sales campaigns and digital inclusion initiatives as crucial for the development of Nigeria’s small business sector.

Reacting, policy analyst Femi Oguntimehin stated that Promo sales encourage panic buying as consumers stampede markets to purchase cheaper items on the shelves of various shopping malls.

He encouraged FMCG and corporate brands to make their products affordable for low- and mid-income earners, noting that this would ease the stress of competing in stampeding markets for promotional sales and discounted prices.

Oguntimehin stated that most companies now introduce lotteries, Spin and Win promo, thereby encouraging gambling and other social activities that promote fraudulent buying.

He called for market reforms to stabilise price inflation, improve household earnings and boost income levels across institutions and firms.