Nigerians are worried over impact of Covid-19 on the economy than falling sick, says Kantar
There are high and growing levels of concern about Covid-19, and the associated impact on day-to-day lives reflect the real restrictions that have been put in place around the world, Kantar, the world’s leading evidence-based insights and consulting firm has said.
According to the company, sectors are dealing with fast-changing and vastly different environments; companies are dealing with dramatic spikes in demand, while others face the almost overnight cessation of trading.
Key findings from Kantar’s study are highlighted below:
Possible recession in the horizon
Nigerians are increasingly concerned about the coronavirus situation; driven by apprehension about financial uncertainty surrounding the lockdown. The majority of Nigerians earn a daily wage from informal activities. Unfortunately, they have not been able to fend for themselves and their families throughout the lockdown and this is the deepest concern that the people have today. To further exacerbate this, almost three-quarters of Nigerians (74%) are fearful of a national financial breakdown followed by an economic recession. This has not been helped by the fact that crude oil, Nigeria’s major source of foreign exchange is selling below $30 in the international oil markets, which is far below the projected $60 in the 2020 budget by the Federal Government of Nigeria.
High trust in national and international media
The trust in national and international media agencies remains high at 70% while new media has seen growth from 60% to 80%; thus, lifting up non-traditional media to become mainstream. Engagement with social networks and other online platforms is ahead of TV in the short term for a number of people seeking real-time information regarding the pandemic and essential information to either access relevant services or products or to entertain themselves as they while away time until the lockdown is lifted.
A new type of CSR demanded from brands
Nigerians feel brands need to help consumers in their everyday life and by informing them on how to face the situation (84%) , continue to be in the forefront of communication as consumers believe it is part of their CSR (86%) and a majority (80%) say companies and brands need to show that their employees are a key priority during this pandemic.
Evolving shopping &payment habits
Consumers are embracing all forms of online services website and phone orders are purposefully done to maintain physical distance (30%). In line with this, physical distancing is becoming a norm as more consumers are shopping less in physical outlets and avoiding the big malls (66%) and majority (70%) are opting for electronic payment options.
Summary
Covid-19 is affecting every aspect of our livelihood from the products we consume, to how we shop, work and socialise, to our attitude towards life. As the future becomes more uncertain, survival and security would be the order of the day during this pandemic. Consumers are likely to continue to focus on their basic needs as they navigate this unknown world of COVID-19. The behaviours learnt during this period, including e-commerce trends could see a boom across categories which are unlikely to fully reverse post the pandemic.
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