1 week ago
24
By Chinwendu Obienyi
Despite surging inflation and the rising cost of living, a survey by SBM Intelligence on Monday revealed that 85.6 per cent of Nigerians have made plans to celebrate this week’s Valentine’s Day.
Valentine’s Day, celebrated on February 14, has become a significant cultural and economic event in Nigeria. Rooted in both Roman traditions and Christian history, the occasion has evolved into a major spending event, with gifts, dining, and entertainment driving consumer activity.
However, the celebration continues to see growing participation and expenditure, with spending on the day projected to reach billions of naira annually in Nigeria alone, despite mounting economic challenges.
For instance, inflation, as reported by the National Bureau of Statistics (NBS), reached a three-decade high of 34.8 per cent in December 2024, severely eroding consumer purchasing power. The cost of essentials like food and transportation has surged, with staple items such as rice and bread experiencing price increases of up to 87.8 per cent.
However, SBM Intelligence, in its survey titled Love in the Air: How Nigerian Consumers Are Driving Valentine’s Day Growth in 2025, revealed that many Nigerians are determined to honor the day with creative and budget-conscious approaches.
According to the survey, this trend is due to innovative marketing strategies adopted by retailers, such as combo deals and online trends, to attract customers.
It stated, “SBM’s survey in Abuja, Lagos, and Port Harcourt, which examined Valentine’s Day spending habits among Nigerians aged 18 to 65, revealed a growing enthusiasm for the celebration. In 2025, 85.6 per cent of respondents plan to celebrate, up from 62.8 per cent in 2024, while those opting out dropped from 37.2 per cent to 14.4 per cent.
Consumer spending is also on the rise. A third of respondents plan to spend between N51,000 and N100,000, while a quarter intend to spend N10,000 to N50,000. Luxury spending has also increased, with nearly 5 per cent planning to spend over N500,000, up from 1.59 per cent in 2024. This spending surge is attributed to increased enthusiasm and rising inflation.”
The survey added that traditional gifts remain popular, with food and perfumes leading preferences, followed by jewellery, roses, watches, and women’s shoes.
“Experiential gifts are also in demand, with restaurants (27 per cent), cinemas (20 per cent), hotels (11 per cent), and local vacations (10 per cent) being top destinations. Shopping preferences are diverse, with department stores (31.8 per cent) and supermarkets (30.3 per cent) being the most popular, followed by online stores (18.4 per cent) and boutiques (17.8 per cent).
Despite the emphasis on spending, 79.3 per cent of respondents revealed that they do not feel pressured to overspend, although social media promotions influence purchasing decisions. Notably, many Nigerians plan their celebrations at the last minute, with 35 per cent making arrangements just days before the event. This trend presents opportunities for businesses to leverage flash sales and last-minute promotions,” the report stated.
Sharing their opinions about the report, economic experts noted that this presents an opportunity for businesses to capitalize on evolving consumer preferences. They added that the projected increase in consumer expenditure around Valentine’s Day could boost Nigeria’s economy.
“As consumer spending and participation in Valentine’s Day celebrations increase, businesses that adapt to evolving preferences will be well-positioned to benefit from this growing market. This resilience underscores how Nigerians continue to cherish love and connection, even amidst economic hardships,” they said.
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