NielsenIQ East & West Africa’s Managing Director, Faith Wanderi, emphasized the need for manufacturers and retailers to innovate and offer cost-effective options to meet consumers’ changing needs. Speaking at the 2024 Nigeria NielsenIQ Breakfast Conference, Wanderi noted that consumers are switching brands due to price sensitivity, with 7 out of 10 consumers changing brands in the past year.
Wanderi stressed the importance of understanding consumer behavior and adapting to shifting market trends. Businesses must leverage data insights to inform pricing strategies and distribution channels. She warned that consumers will continue switching brands, and businesses must think creatively to sustain themselves amidst economic pressure.
Olufemi Awoyemi, Chairman of Proshare, echoed Wanderi’s sentiments in his keynote speech. He highlighted the dual role of fast-moving consumer goods, retailers, and other sectors in predicting and shaping consumer behavior. Awoyemi emphasized the need for bespoke data providers to shift from transactional to transformational roles, driving new practices and metrics that link national trends to consumer realities.
Awoyemi stressed that businesses face immense pressure to ensure sustainability amidst changing economic cycles, trends, and consumer tastes. He warned that industries are being disrupted by technological changes, forcing them to adapt or become uncompetitive.
