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