In Nigeria, like in most other countries, Valentine’s Day is traditionally a day for lovers, with a pop culture that practically alienates singles on that day.
While many individuals give and receive presents like flowers, chocolates, gadgets, and perfume, other people go above and above by getting their significant others expensive jewels, designer clothing, or even vehicles.
This year, however, Nigerians who are typically extravagant with their show of affection are met with the challenge of high inflation, as prices of gifts such as flowers, chocolates, and dining surged significantly.
As opposed to 28.90% recorded at the start of 2024, Nigeria’s inflation rate at the end of the year stood at 34.80%.
The country’s inflation rate for years has consistently increased, going from 9% in 2015 to 33.2% in 2024.
These figures, of course, compromise the scale at which Nigerians are able to celebrate Valentine’s Day, with each year bringing fresh constraints, raising the issue of how Nigerians, this year, will commemorate the holiday.
Findings on a survey conducted by SB Morgen, in Abuja, Lagos, and Port Harcourt, three major Nigerian cities, found that Valentine’s Day spending patterns among Nigerians aged 18 to 65 found is set to increase for 2025.
In 2025, 85.6% of respondents intend to celebrate, up from 62.8% in 2024, while those who opt out fell from 37.2% to 14.4%.
“This heightened enthusiasm is reflected in spending patterns, with a third of consumers budgeting between N51,000 and N100,000, while high-end purchases above N500,000 have nearly tripled compared to last year,” the report reads.
Finding from the Valentine report
85.6% of respondents expect to celebrate this year, up from 37.2% the previous year, with 14.4% saying they will not.
33% would spend between N51,000 and N100,000, followed by 25.5% with N10,000 to N50,000. 17% plan to spend between N101,000 and N200,000, while 11.7% intend to spend between N201,000 and N500,000.
Last year, 32.4% spent between N10,000 and N50,000, followed by 25.5% (N51.000 to N100,000), 14.8% (N101,000 to N200,000), 6.4% (N201,000 to N500,000), and 1.59% (N501,000 and beyond).
“Almost 80% of consumers plan to spend their money on food and perfumes. The rest, 28.2%, 23.9%, 23.4%, 22.8%, 22.3%, 18%, and 10%, will spend on jewelry, roses, watches, female shoes, wigs, chocolates, hampers, and smartphones, respectively,” the report states.
“When asked about places they can afford, restaurants received the most responses, with 27%, followed by cinemas (20%), hotels (11%), vacations within Nigeria (10%), street food joints/buka/local eateries (9%), beaches (6.1%), vacations abroad (3.4%), parties/clubs (2.8%), and resorts/art galleries (1.7%),” it adds.
According to the report’s results, 31.8% of respondents chose department shops and shopping malls, followed by supermarkets (30.3%), internet retailers (18.4%), and boutiques (17.8%).
Shopping Preferences: Ideal Valentine’s Day activity. The majority of individuals (24.10%) would rather spend quality time dating, while 22.50% prefer to spend it on leisure and activities. 18.70% choose eating and dining, 11.80% prefer gift exchange, and 10.70% like to travel or go on vacation.
“Personal sentiments received the most responses, with 36.6%, followed by social media trends (25.3%), tradition and societal expectations (19.9%), and advertising and promotions (16.7%),” the report states.
