0704-883-0675     |      dataprojectng@gmail.com

An Analysis of Consumer Buying Behavior During Economic Recession: Evidence from Lagos Mainland Markets

  • Project Research
  • 1-5 Chapters
  • Abstract : Available
  • Table of Content: Available
  • Reference Style:
  • Recommended for :
  • NGN 5000

Background of the Study

Economic recessions often lead to a decline in consumer spending due to reduced income levels, increased unemployment, and financial uncertainty. This phenomenon significantly alters consumer buying behavior, as individuals prioritize essential goods and services while reducing or postponing discretionary spending. Lagos Mainland, as one of Nigeria's busiest commercial hubs, experiences distinct shifts in consumer behavior during economic recessions (Akinyemi & Adeola, 2023).

Understanding how consumers adjust their purchasing decisions during periods of economic downturn is crucial for businesses aiming to maintain sales and profitability. During recessions, businesses often need to adjust their marketing strategies, product offerings, and pricing to remain competitive in the market. This study seeks to analyze consumer buying behavior during economic recessions, with a focus on Lagos Mainland markets, to understand how economic challenges influence purchasing decisions and how businesses can adapt to changing consumer patterns.

Statement of the Problem

Economic recessions pose significant challenges to businesses, particularly in consumer-driven economies like Nigeria. Lagos Mainland markets, which are home to a wide range of consumer segments, often experience reduced consumer spending during recessions. However, despite the wealth of anecdotal evidence, there is limited empirical research on the specific changes in consumer buying behavior during recessions, particularly in the Nigerian context. This study aims to fill this gap by analyzing consumer purchasing decisions and identifying strategies businesses can use to adapt to economic downturns.

Objectives of the Study

1. To analyze the changes in consumer buying behavior during economic recessions in Lagos Mainland markets.

2. To assess the factors influencing consumer purchasing decisions during a recession.

3. To recommend strategies for businesses to adapt to changes in consumer buying behavior during economic downturns.

Research Questions

1. How does consumer buying behavior change during an economic recession in Lagos Mainland markets?

2. What are the key factors influencing consumer purchasing decisions during a recession?

3. What strategies can businesses implement to maintain sales during economic recessions?

Research Hypotheses

1. Consumer buying behavior significantly changes during an economic recession in Lagos Mainland markets.

2. Price sensitivity and perceived necessity are the primary factors influencing consumer decisions during a recession.

3. Businesses that adapt their marketing strategies during a recession are more likely to maintain consumer loyalty and sales.

Scope and Limitations of the Study

The study will focus on consumer buying behavior in Lagos Mainland markets during economic recessions from 2023 to 2025. Limitations include potential biases in consumer survey responses and challenges in isolating recession effects from other market dynamics.

Definitions of Terms

• Consumer Buying Behavior: The actions and decision-making processes that lead individuals to purchase goods or services.

• Economic Recession: A period of economic decline characterized by reduced economic activity, income levels, and employment.

• Lagos Mainland: The central and commercial area of Lagos, Nigeria, which is home to a significant portion of the city’s retail and consumer markets.

 





Related Project Materials

AUDITING AS AN AID TO ACCOUNTABILITY IN THE PUBLIC SECTORS (A CASE STUDY OF FEDERAL MINISTRY OF FINANCE AND ECONOMIC DEVELOPMENT)

Background Of The Study

This is now a national issue. The increasing incidence of fraud and misappropri...

Read more
An Evaluation of Digital Banking Services and Customer Satisfaction: A Study of Commercial Banks in Zamfara State

Background of the Study

The proliferation of digital banking services has revolutionized the financial sector, enabling...

Read more
AN ASSESSMENT OF THE DETERMINANTS OF AGRICULTURAL OUTPUT IN NIGERIA: 1981-2018

ABSTRACT

This study assesses the determinants of agricultural output in Nigeria using annual data covering periods from 1981 to 2018. The...

Read more
An Evaluation of Healthcare Infrastructure and Its Impact on Disease Control in Plateau State

Background of the Study
Healthcare infrastructure is a critical determinant of health outcomes, particularly in the control...

Read more
AN APPRAISAL OF ACCOUNTING IMPLICATIONS OF CROSS-BORDER MERGERS AND ACQUISITIONS

ABSTRACT: AN APPRAISAL OF ACCOUNTING IMPLICATIONS OF CROSS-BORDER MERGERS AND ACQUISITIONS

This study appraises the accounting implicatio...

Read more
EFFECTS OF STRUCTURAL ADJUSTMENT PROGRAMME ON ACCOUNTING PRINCIPLES

STATEMENT OF THE PROBLEMS

This research work tends to give an appraisal on the effect of the SAP on accounting principle...

Read more
HUMAN RIGHTS ABUSES AND SUSTAINABILITY OF DEMOCRACY IN NIGERIA’S FOURTH REPUBLIC: A STUDY OF ENDSARS PROTESTS 2020

ABSTRACT

Nigeria is one of the countries where human right abuses are recorded daily and virtually in all human endeavors and these human...

Read more
Learning-Based Student Performance Prediction System in Secondary Schools in Zaria Local Government, Kaduna State

Background of the Study
The increasing availability of educational data has opened new opportunities for leveraging machin...

Read more
Enhancing the Efficiency of School Inventory Management Systems Using RFID in Secondary Schools in Dutse Local Government Area, Jigawa State

Background of the Study

Effective inventory management in schools is crucial to ensure that educational resources, equip...

Read more
A STATISTICAL ANALYSIS ON THE EFFECTS OF INDUSTRIAL TRAINING (I.T) ON STUDENTS

Abstract

This research was carried out to study the effects of Industrial Training on HND I students, F...

Read more
Share this page with your friends




whatsapp