Nigeria: Consumer Profile
Nigeria’s population is projected to nearly double by 2040, as it reaches 313 million citizens. Rapid urbanisation will continue, while the median age will be 21.1 as Gen Alpha is expected to dominate the consumer landscape. Soaring inflation and high unemployment continue to deepen social inequality. Despite limited budgets and concerns around rising living costs, Nigerians prioritise comfort and quality, often seeking out tailored goods.
Euromonitor's Nigeria: Consumer Profile report analyses factors influencing national consumer expenditure. Consumer lifestyles reports include coverage of: population, urban development, home ownership, household profiles, labour, income, consumer and family expenditure, health, education, eating habits, drinking habits, shopping habits, personal grooming, clothing, leisure habits, savings and investments, media, communication, transport and travel and tourism. Use this report to understand the factors influencing a nation's lifestyle choices.
Data coverage: market sizes (historic and forecasts), company shares, brand shares and distribution data.
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- Scope
- Key findings
- Key drivers affecting consumers in Nigeria in 2023
- How developments today shape the consumer of tomorrow
- Elevated birth rates keep Nigeria’s growing population young
- Obesity is far more prevalent in women than in men in Nigeria
- Owing to high fertility rates, a significant portion of Nigeria’s population will be Gen Alpha and Gen Z
- Lagos remains popular among rural migrants in search of economic opportunities
- Opportunities for growth
- Single-parent families set to see the fastest growth of all household types
- Mortgage financing remains a challenge for majority of homeowners
- Nigerian household heads are most commonly males in their thirties
- Broadband internet access and daily internet usage expected to nearly double by 2040
- Consumers remain concerned about high inflation
- Baby boomers are Nigeria’s most optimistic generation
- Senior consumers benefit from accumulated assets and additional income sources
- Abuja set for the fastest expansion of consumer spending by 2040
- Key findings of consumer survey
- Millennials and baby boomers agree health and nutritional properties are worth a premium
- As prices rise, most Nigerians are looking to buy fewer goods instead of lower quality
- Nigerians are increasingly making an effort to impact the environment positively
- Few Nigerians are confident in their current financial situation, but most remain optimistic
- Nigerians maintain their entrepreneurial spirit, as AI advancements reshape the job market
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