The crucifixion of Jesus Christ is being commemorated worldwide today. On Easter Sunday and Monday, Christians will celebrate His resurrection. As usual, sellers and shoppers are in the thick of it all.
As a Christian festival observed across the world with immense splendour, people have the opportunities to meet their relations, friends and relive cherished moments amid feasting.
To some, it is a time to celebrate special occasions such as marriages, house warming and others.
Alongside the get-together, gifts play an important role. The modern markets and malls are flooded with various gifts.
Recreation parks, museums, cinemas, shopping malls and other tourist attractions will simmer as people will take advantage of the public holiday to spend time with their families and loved ones.
During festivities, it is assumed that economic activities usually witness upsurge, which result in upward adjustment of prices of consumer goods. Some natural factors have also affected buying and selling.
Higher food prices continue to reflect the impact of recent floods on the production of farm products, resulting in difficulty in moving these food products to markets across the country,
Competition in the market is another major factor observed, but the reason for such during periods like this, is the notion of this is our time to make more money.
There is no doubt that increase in prices of commodities always pinch shoppers at every festive season. Prices of most needed goods like foodstuffs, clothing, shoes, household items and gifts, among other things, are often increased for traders’ selfish gains.
They believe it is during such festive periods like Easter that businesses boom the more; hence, they usually take advantage of such opportunity to smile to the bank.
A buyer, Mrs. Emmanuella Ukomadu, told The Nation Shopping: “Since I have been coming to Mile 12 market to buy foodstuffs during festive periods like this, prices of foodstuffs are always on the high side. I think it is because of the high demand by more people who prefer to buy goods than when there is no festival; that always forces the prices to up and people seem to be used to that.”
Traditionally, sales pick up by higher percentage during festive seasons starting from a week to the celebration, when many would have started shopping.
However, members of the lower class normally delay theirs till the last minute of the celebration for economic reasons, but traders and retailers are aware that current prices are deterring consumers from making big purchases.
Information from Ikeja City Mall, The Palms, Mega Plaza, Adeniran Ogunsanya Shopping Mall as well as markets like Ile- Epo foodstuff market, Daleko rice market, Mile 12 food stuff market, Oshodi and Lagos Island markets, Ifo farm markets, Mushin Ojuwoye market and the abattoir at Agege, shows that prices of food items, beverages, clothes, gifts items, toiletries and other household goods have either increased significantly or their quantity have reduced.
Despite the fear of price hike, buyers who patronise shopping malls have little fear as most retailers at malls operate discount sales, especially during festive periods like this. But customers who want to make bulk purchase of food items for the celebration may not find shopping malls ideal.
Therefore, to encourage sales, some of these retail shops have launched attractive sales promo to drive sales this season.
A cross session of buyers, who spoke with The Nation Shopping at Ikeja City Mall expressed their fears.
A stock broker in Lagos, Mrs. Cynthia Ihianacho, said: “You know shopping at malls during festive period is more of a family thing. If we need to buy food items for a party, you know this place is not the best to buy cartons of frozen chicken. You have to go to the open market like Ketu and Mile 12. But you can come here to shop for convenience goods. Or bring your family here to have lunch and pick one or two convenience goods at a good discount,” she said.
Also, an accountant with Meristem Insurance, Mr Adekoya Shoaga said: “Most retail chains like Shoprite operate on the best low price policy. There is no sales increase panic during festive periods unlike the open market for staple foods, where speculations lead to price increase. But rather, most retail chains compete through price war. That is why they come up with one sales bonanza or the other during festive periods. I am not worried at all.”
Meanwhile, a sales agent with Shoprite confirmed that there are still sluggish sales despite price slash and discount. The kinds of people who patronise are classy, trendy and upwardly mobile. But they only constitute a small fraction of the entire population. “If more people irrespective of status will come here to shop, then sales will be encouraging. We expect boom this Easter,” she said.
A visit to some of the major markets in Lagos shows there is increment in virtually all the prices of commodities. For example a 50 kilogramme of Thai parboiled rice has jumped from N7,000 to between N12,000 and N13, 000. Also, the half bag (25 kilogramme) of the same product which was previously sold for between N3,500 and N3,000 now sells for between N6,500 and N6,000. A full bag of Mama Gold rice has increased from between N9,000 to N12,000 and N13,000 in most cases in the market, while the 25 kilogramme of the same product now goes for N6,000 and N6,500 depending on the markets.
Shoppers have continued to groan under hike in commodities’ prices since December last year.
According to the Secretary of Daleko rice market, Mr Biodun Amuwa, the conditions of Nigerian roads, hike in transport fares and pump prices of fuel, which has become a tradition in the country, among other things are major reasons why there is hike in the prices of commodities, saying that it has got nothing to do with festive seasons. “People only misunderstand things. Even when prices are stable but quantity is reduced, they still attribute it to the festive season. Traders can only sell what they buy,” he said.
Confirming this, a rice dealer at the market, Mr Musiliu Gbadamosi told The Nation Shopping that the constant increase in the prices of rice is caused by high transport fare as well as the increase in demand by the people. According to him: “The increase as you have observed isn’t our making and we are not happy about it, because many people believe we normally increase the prices to make more gains during festival, it is not so”.
“We do not just increase the prices of goods just like that; the problem is that during festive periods, there is increase in transport fares in conveying these goods from the north to Lagos. We all know the situation of fuel in this country and for us to cover the unit cost of these goods, including the transport fares; we have to increase their prices so that we don’t lose”, he emphasized.
According to another trader, a vegetable oil dealer at Mushin Ojuwoye market, Lagos, Mrs. Rafiat Balogun said that five litres of Sous vegetable oil cost N1,400, as against N1,200. She, however, said the price of Turkey oil did not increase, attributing the stable price to large quantity of old stock in her stall. Onions has been compared to gold in the recent past with the continued reduction in its quantity. According to traders, this is also attributed to the high transport fares and security crisis in Bauchi, and Borno states, which are part of the major onions producing states. Malam Abubakar Yusuf, one of the onion sellers at the Mile 12 food stuffs market said: “A big bag of onions, now attracts between N18,000 and N23,000 with a reduced quantity. Tomatoes like other soup ingredients are not left out of the price hike.”
Alhaji Malik Usman, a tomatoes seller also at Mile 12 food stuff market said a basket of tomatoes is sold for N4,500 and N5,000 as against N3,500 and N3,800.
Providing an explanation to the rise in prices of onions and tomatoes, a trader at the market, Malam Bala Umar, said it is caused by high cost of transportation. Also at Daleko market, it was gathered that a bowl of beans sold for N400 has risen to N550 because of easter celebrations. Other staple foods like Semovita and locally made groundnut oil are not left out as their prices have increased from N950 to N1,200 and from N200 per bottle to N300 per bottle.
The story was not any different for other food items known for their relatively cheaper rates in the market, but which have witnessed an increase this season. For instance, live chickens, which earlier were sold between N800 and N1,000 depending on their sizes; goes for between N2,000 and N2,500.
However, the price of frozen chicken is expected to increase this season as a result of import restrictions. Mrs. Taiwo Folorunsho, who sells frozen chicken at the Ilupeju model market in Lagos, said Nigeria Customs Service (NCS) tends to impose more restrictions during festive seasons and as a result, the cost of settling them is expected to be passed to buyers. A carton of chicken has moved from N5,500 to N7,200 and we expect more price increase this Easter period”.
But the prices of meat differs, depending on the size; a big goat cost about N25,000 while a small goat which used to cost N10,000 is now sold for N15,000.
Though, Lagosians are complaining about the high cost of food items. But in spite of the complaints, there appears to be no significant drop in patronage of these food items because people have to feed to celebrate Easter. According to some food stuffs traders, business is booming and more people are coming for foodstuffs as they can’t do without it, whether during festivity or not.
A consumer behaviour specialist, Mr Tola Odusote advised that consumers should prioritise their needs and make the best purchase decisions within their limited resources during festive periods. He advised that people should operate within their limited resources to avoid cash crunch after the celebration when money is always scarce to attend to family needs.
