NIGERIANS ON HOW THE ECONOMIC RECESSION AFFECTED THEIR FASHION BUSINESSES & LIFESTYLE
On the last day of the 2018 edition of Lagos Fashion Week, I spoke with some of the show attendees and exhibitors to find out exactly how the present economic downturn affected or is affecting their lives. The respondents were a cross-section of fashion lovers, fashion enthusiasts, fashion entrepreneurs and retailers. I tried to find out from them how the recession affected their shopping habits and/or fashion businesses. Read their responses below.
Respondent 1: The way the current economic recession in the country affected my shopping is that before now, I get to buy a whole lot of things with minimal amount of money. That has changed now; You have to hold a certain sum to get a good number of things because without that, it’s not gonna work.
Respondent 2: Economic recession or not, I have always been a disciplined person. I’m shrewd when it comes to how I shop. It’s what I need I buy. A wise man once said, once you buy things you don’t need, you’ll sell things you need. I always try to buy things I need; I’m not frivolous. The recession hasn’t really affected my spending. Whatever has increased in price, I go for something similar at a reduced price. I don’t see myself as a shopaholic (laughs). I just buy things I need.
Respondent 3: The recession has not really affected my shopping habit because I’m a very stylish person, and that’s the difference between a stylish person and a fashionable person. A fashionable person may have all the money in the world to purchase whatever he wants but a stylish person will improvise, look for a way around it and put one or two things together. I’m that kind of person; I can just pick up an old top or an old stuff from my father’s closet. So, even if I don’t have the money, I will restyle and still stand out.
Respondent 4: Well, because of the devaluation of the Naira, simple things like shirts, ties that I would usually buy for office, I will have to think through to know whether I necessarily need them. It’s just about being very picky; having a list and selecting the ones to buy in order of priority. It’s just the thought process that it is really affecting.
Respondent 5: For me, I think everyone has their priority. Despite the economic recession, Nigerians are shopaholics; they always want to outdo in everything they do. For me, it didn’t affect me in any way. I only try to minimize the things that I buy – If I’m shopping with N1,000,000, I reduce it to N500,000. I still try to mind my pocket but I buy the things I want.
Respondent 6: I run an online store, so, the only way it affected my business is in shipping my products from where they are produced into Nigeria as well as shipping costs when deliveries are made. The rates are higher now.
Respondent 7: The poor economic situation affected the cost of production supplies. It also made it impossible for me to increase the price of my products (bags and accessories) due to increase in cost of production because customers will be unwilling to buy. They are also facing the challenges brought by recession as they complain of lack of money.
Respondent 8: For my business, it has increased the price of production supplies but I try to purchase my supplies in bulk in order to get them at cheaper rates.
Respondent 9: My customers complain that they do not have (enough) money whenever they visit my boutique. It’s either they pick one or two things compared to the number they would normally buy or they make deposits, then come back next time to balance up and pick up the item(s). Nigerians like to shop but the current economic situation is really affecting the way they spend money now.
What’s your view? How has Nigeria’s economic recession affected your shopping and/or business? Let me know in the comment section.
Tags: Business of fashion, Business tip, Economic recession, Economy, Fashion and economy, Fashion Appraisal, Fashion tip, Lagos Fashion Week, Lagos Fashion Week 2018, LFDW, LFWNG, Nigeria, Nigerian economy, Nigerians