SHOPPING IN BALOGUN MARKET ‘AFTER RECESSION’
My last visit to the popular Lagos Island market (generally called Balogun Market) was about this time last year at the onset of the economic recession when prices of items skyrocketed; mostly doubled. Today, I was at the market again with the thought that things must have normalized or at least reduced a bit in terms of pricing owing to the reduction in Naira-Dollar exchange rate.
After getting the few things I came to buy, I decided to go around a little to do some market survey.
My findings showed that prices were either still the same, increased, or decreased, all depending on what you are buying. For fabrics, prices mostly remained the same. Just a few witnessed a little increase.
Remember that on my previous visit, I told you that the full-body, fibre mannequin retailed from N25,000 upwards (up to N35,000) depending on the store but today, I discovered it now retails at prices between N40,000 and N42,000 after enquiring from two stores.
The full-body, plastic type retails between N30,000 and N32,000 (was about N15,000 to N18,000 prior to recession) while the headless/handless, plastic one retails at N12,000 at a store and N13,000 at another. The latter retailed at N14,000 at some stores and N17,000 at another during my last visit at the onset of recession.
It might also interest you to know that manual sewing machine now retails at N30,000.
Like I stated, items either remained the same, increased or decreased in price compared to the peak of recession. However, they never went back to their original prices, after all, the popular saying, “What goes up must come down” hasn’t always been true when it comes to price increment in certain situations in Naija. But again, another saying goes, “Where there is life, there is hope.”
Update: As of March 2018, the headless plastic mannequin with hands went for N22,000 while the full one (with head and hands) was sold at N27,000; A reduction in price compared to when I visited in November, 2017. The glossy, full-body ones retailed for N60,000.
September, 2019: Befenchy Stores retails the glossy, full-body, egg-head ones (male & female) (see photos below) for N55,000. They are currently on sales at N45,000 retail. The wholesale price is N35,000 and wholesale quantity is from 5. Click the following link or call 0818 636 1206 to order: https://befenchy.com/product-tag/mannequin/