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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* Get a detailed picture of the Economy market;
* Pinpoint growth sectors and identify factors driving change;
* Understand the competitive environment, the market's major players and leading brands;
* Use five-year forecasts to assess how the market is predicted to develop.
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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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