AGS NEWS – The Managing Director of NielsenIQ East & West Africa, Faith Wanderi, highlighted the importance of continuous innovation and cost-effective product offerings for manufacturers and retailers to meet the needs of consumers facing limited disposable income.

Speaking at the 2024 Nigeria NielsenIQ Breakfast Conference in Lagos, Wanderi emphasized the need to understand shifts in consumer behavior, noting that seven out of 10 consumers have switched brands in the past year, with price being the main factor influencing these decisions.

Wanderi advised businesses to closely analyze their market categories and adapt their pricing strategies and distribution channels accordingly.

She predicted that brand loyalty would remain low for the rest of the year, urging companies to think creatively and use data-driven insights to proactively address economic pressures.

ALSO READ: Banks, others shut as hunger protest holds

In a keynote speech, Olufemi Awoyemi, Chairman of Proshare, stressed the dual role of fast-moving consumer goods companies, retailers, telcos, fintechs, and banks in predicting and shaping consumer behavior during challenging economic times.

He noted that data providers must move from transactional to transformational roles, linking national trends to consumer realities.

Awoyemi also pointed out that businesses now face more than traditional threats, as rapid technological changes and shifting consumer tastes are driving a new business ecosystem.