An overview of the consumer behaviour within the Nigeria and their different income brackets.
2018
Consumer behaviour
This source discusses the impact of income levels on consumer behavior and e-commerce in Nigeria. The article explains that despite lower incomes, Nigerians are increasingly shopping online for goods and services. However, affordability remains a key concern for many consumers, particularly in terms of shipping costs and access to affordable internet.
Key Takeaways:
Nigeria’s population was most recently estimated at 198 million people,
Nigeria’s population skews young with a median age of 20 years old.
The middle class in Nigeria makes up 23% of the population and has an estimated potential market value of over $28 billion USD
The largest portion of respondents (39%) reported that their monthly income was below 269000 NGN, or approximately 740 USD.
Looking at female respondents, 33% bring in between 269001 to 650000 NGN in household income. The largest portion of male respondents (46%) bring in below 269000 NGN.
87% of the 18-24 year old’s surveyed were in the lowest two income brackets, meaning only 13% brought in more than 650000 NGN a month. Also, 56% of surveyed 18-24 year old’s reported that their monthly income is under 269000 NGN.
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