As the Christmas and New Year celebrations approach, a significant number of Lagos residents have shared how the ongoing economic challenges have curtailed their usual festive activities and spending.
Speaking to the News Agency of Nigeria (NAN), several residents highlighted a shift in priorities towards essentials like food, clothing, and education expenses for their families due to financial constraints.
Mrs Precious Ajayi, a businesswoman, expressed how financial limitations have compelled her family to forego extravagant spending on festive decorations and outings this year. “My husband and I are not financially buoyant to engage in any frivolous spending this time around,” she said, stressing the necessity of channelling resources towards essential food supplies and upcoming school fees for their children.
Echoing similar sentiments, Mrs Chinwe Okonkwo, a trader and mother of three, emphasized the necessity of focusing on vital needs amidst the economic downturn.
“Our focus is on necessities, and spending on non-essential items like elaborate decorations and fireworks is a luxury we can’t afford this year,” she said.
Likewise, Mrs Alice Idachaba, a Nurse, noted that priorities had shifted towards essentials like clothing for her children and ensuring an adequate food supply. She opted for allowing her children to exhibit their creative talents in decorating their home without investing in new decorative items.
Even Mr Adamu Haruna, a Civil Servant, expressed disinterest in purchasing Christmas decorations and fireworks due to the economic constraints, preferring to prioritize feeding his family well during the festive season.
Traders also noted the noticeable change in consumer behaviour during the usually bustling Christmas season. Mr Adeola Oladipo, a decorative items trader, noted the stark contrast this year.
“This year, it’s a different story. People are cautious about spending money due to the economic challenges,” he observed, reflecting on the lack of usual customer enthusiasm.
Another trader, Mr Ahmed Bakare, expressed concern over reduced sales and the fading festive spirit. “But this year, it’s different, people are struggling, and the festive spirit seems to be fading,” he lamented.
Traders have adjusted their strategies to adapt to these changes. Offering special discounts and more affordable options, they hope to entice hesitant customers, noted Ms Ngozi Eze, a trader selling decorative items and fireworks.
Moreover, hamper traders at the popular Apongbon Market in Lagos expressed dismay over decreased patronage. The usual enthusiasm for purchasing hampers has waned due to the skyrocketing prices of goods. Ms Kuburat Alebiosu, a long-time hamper seller, highlighted the surge in hamper prices, making it unaffordable for many customers.
Labake Olatunji, who inherited the hamper business, remarked on the shift in consumer focus towards essential needs rather than festive indulgences, further emphasizing the economic hardship experienced by many Lagosians during this festive season.
Overall, the prevailing economic challenges have significantly affected the usual festive cheer, causing residents to recalibrate their spending towards essential needs in the face of financial constraints.
(NAN)
