Brand owners and players in the Fast-Moving Consumer Goods (FMCG) space have been charged to be dynamic in order to meet the present-day consumer needs, which are constantly evolving.
This was disclosed by experts during the 6th Industry Summit, held recently at the Chartered Institute of Bankers (CIBN) House, Adeola Hopewell, Victoria Island, Lagos.
At the summit themed: ‘Understanding Changing Consumers Preference in Troubled FMCG Space,’ the experts said the socio-economic realities have made this to be so, as consumers, faced with decreasing purchasing power, which continue to challenge their loyalty to any particular brand, with many opting for brands that meet their needs at any particular time.
To be able to get consumers’ attention, seasoned experts and industry stakeholders said FMCG players and brand owners must know their consumers and be ready to evolve along with their preferences.
Delivering the keynote address, Managing Director/CEO of Nitro 121, Lampe Omoyele, said consumers are modifying their purchasing behaviours by focusing more on essential goods while reducing discretionary spending.
As such, to succeed, brand owners/businesses need to put themselves in the shoes of the consumers, by giving them what they want, to win them over.
Focusing on a recent survey conducted by his company, Omoyele said price sensitivity, availability, and perceived value are some of the factors that necessitate people to switch brands, especially in product categories such as food & groceries, household items, and personal care. The majority reported buying in bulk, comparing prices, and switching brands to save costs.
“From our study, respondents between the ages of 35 and 54 with monthly earnings of N250,000 and above said that they have made adjustments to their shopping habits in the past one year,” he noted.
“The Nigerian FMCG sector is evolving with trends like digital payments, e-commerce expansion, and sustainability-driven packaging. Consumers are seeking healthier product options, while brands invest in direct-to-consumer (DTC) models, influencer marketing, and loyalty programmes to drive engagement and retain customers in a competitive landscape,” noted Omoyele.
To, therefore, stay ahead, he advised that FMCG brands must adopt data-driven marketing, omnichannel distribution, and direct-to-consumer models. Leveraging AI for consumer insights, optimising supply chains, and creating engaging brand experiences through social media and influencer collaborations can help businesses effectively navigate these market shifts.
He added that, “Brands that quickly respond to emerging trends, experiment with new product formulations, embrace digital commerce, and invest in technology-driven solutions will maintain a competitive edge and sustain long-term customer loyalty.”
Despite the growing focus on cost-consciousness driven by economic challenges, he pointed out that quality remains a fundamental consideration for consumers in their purchasing decisions.
“While consumers may opt for more affordable alternatives in certain categories, they continue to prioritise products that offer high performance, reliability, and long-term value,” he said.
“If consumer demands are evolving this rapidly, can Nigerian businesses afford to stay stagnant?” asked Toyin Nnodi, a marketing consultant, while delivering her paper.
Speaking on the theme, ‘Adapting FMCG Business Models to Meet Shifting Consumer Demands,’ she averred that Nigerian FMCG companies must find a way to adapt or die.
Judging from the evolution of consumer trends, from the expansion of ecommerce platforms offering convenience and variety in 2018 through to the declining inflation, stabilising economy, and stable FX expected to drive real spending growth in 2025, Nnodi said.
She listed collaboration and partnership, omnichannel marketing, agility and production innovation as some of the actionable strategies for successful FMCG operation.
On his part, Stanley Obi, Co-Founder/CEO Innova Hive Integrated Ltd, called on brands to position themselves strategically.
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Speaking on the theme, ‘Strategic Positioning for FMCG Companies Amidst Evolving Economic Challenges,’ he said strategic positioning would give any brand the competitive advantage, adding that, it will ensure that “they don’t just sell products or services but offer an experience that no one else provides in the same way”.
In the panel discussion moderated by Gift Uche-Ewule, Assistant Brand Manager, Indomie, Nana Milagrosa, CXO- Chief Experience Officer, MPXM, said consumers are no longer throwing away money in every campaign/experiential activity they attend as they now seek value.
She advised that rather than seeking Return on Investment, organizations should also consider Return on Emotion.
Celestine Umehi, CEO, Arewa24, charged agencies handling brands to have a deep knowledge of the various brands they are working with to ensure value addition.
According to him, a lot of people are bypassing agencies now because many of the agencies are not adding value to the brands.
“Many agencies want to market for brands that are doing well, but when they run into problems, it becomes difficult to proffer solutions, especially when they don’t have much knowledge about the brand.”
He listed skillset, data analytics, agility & adaptability and trust as some of the factors that will make any brand relevant in the present economy.
In his opening remarks, Convener of The Industry Summit, Goddie Ofose said the event was aimed at celebrating innovation, resilience, and excellence in the FMCG sector, particularly in the face of changing consumer preferences.
According to him, the theme, ‘Understanding Changing Consumer Preferences in Troubled FMCG Space,’ was a timely reflection of the challenges and opportunities that the industry, and by extension, the Nigerian economy, faces at the moment. As consumer behaviours and expectations continue to evolve, businesses must stay ahead of the curve and adapt to these changes,” he said.
