Market News
Nigerians motivated by discounts rather than pressure to celebrate Valentine - BUSINESS INSIDER
Like many other countries, Nigeria revels in the celebration of love commemorated on Valentine's Day.
- Nigeria celebrates Valentine's Day with gifts ranging from expensive jewelry to affordable items like flowers and chocolates.
- High inflation in Nigeria is making it difficult for people to afford presents for Valentine's Day.
- Popular Valentine's Day activities in Nigeria include visiting restaurants, theaters, and hotels, and shopping at department stores and malls.
Some people go over and above by gifting their significant others pricey jewelry, designer clothes, or even cars, while many opt for more generic and affordable gifts like flowers, chocolates, electronics, and perfume.
However, because of the sharp increase in the cost of presents like flowers, chocolates, and meals, Nigerians, who are usually effusive in their displays of affection, are facing the difficulty of high inflation this year.
Nigeria's inflation rate at the end of 2024 was 34.80%, compared to 28.90% at the beginning of the year.
Since 2015, the nation's inflation rate has risen steadily, rising from 9% in 2015 to 33.2% in 2024.
Naturally, these numbers limit the extent to which Nigerians may celebrate Valentine's Day, and more restrictions are imposed every year, which begs the question of how Nigerians will observe the event this year.
According to the results of a poll by SB Morgen in three major Nigerian cities, Abuja, Lagos, and Port Harcourt, Valentine's Day spending trends among Nigerians between the ages of 18 and 65 are expected to rise in 2025.
Up from 62.8% in 2024, 85.6% of respondents say they plan to celebrate in 2025.
This ironically is not motivated by peer pressure, as most of the respondents seem to want to celebrate the day willingly.
“When asked if they felt pressured to spend more on Valentine’s Day due to societal expectations, 79.3% answered no, while 20.7% answered yes. This shows that societal expectations do not influence their spending,” the report states.
“However, discounts and promotions influence their spending decisions, and such promos are usually seen on social media, online advertising, in-store displays, and television,” it adds.
Choice of Valentine gifts
Conventional Valentine's Day presents continue to be popular, with food and perfume topping the list for over 80% of respondents.
Other common options include jewelry, flowers, watches, and women's shoes, demonstrating a penchant for physical presents.
On the leisure front, restaurants remain the most popular places Nigerians aim to visit on Valentine (27%), followed by theaters (20%), hotels (11%), and domestic trips (10%).
Retail tastes remain broad, with department shops and shopping malls (31.8%) taking the lead, closely followed by supermarkets (30.3%).
This indicates that the hospitality sector in Nigeria is set for major revenue generation during the weekend.
Online businesses (18.4%) and boutiques (17.8%) play an important part in gift purchasing.
Quality time with a spouse (24.1%) is the most popular way to spend the day, followed by entertainment and activities (22.5%) and dining out (18.7%).
“If finances weren’t a constraint, 31% of respondents would prefer an international getaway, while others would opt for entertainment, fine dining, and domestic travel,” the report states.
“Interestingly, personal sentiments (36.6%) and social media trends (25.3%) are the biggest influences on spending decisions, while tradition and societal expectations (19.9%) play a lesser role. Despite the emphasis on spending, 79.3% of respondents say they do not feel pressured to overspend, though discounts and promotions— especially on social media—impact consumer choices,” it adds.
Despite differing views on Valentine's Day's significance, 35% think it depends on the pair, 32.4% think it's somewhat significant, and 22.3% think it's vital, the general trend suggests that the holiday is becoming more and more popular.
