•More Nigerians turn to used clothes, home appliances as hardship worsens
From Adanna Nnamani, Abuja
As the hardship bites harder, no thanks to spiraling inflation in the country, more Nigerians are turning to used items also known as second-hand items or thrift as a way to cope with the increasing cost of living.
According to recent reports, inflation in Nigeria has hit record levels, with basic goods and services becoming unaffordable for many.
In many areas, the price of staple foods has quadrupled, and the cost of everyday items such as clothing and household goods has also risen sharply.
These pre-owned goods, both imported and Nigerian used, have become the place of succour as they offer a more affordable solution for families struggling to cope with skyrocketing prices of new items.
From used clothing and shoes to refurbished electronics and gadgets, furniture, as well other household appliances, more Nigerians are turning to these items as a more economical way to stretch their thin budget and meet their needs.
While new goods retail stores are lamenting dwindling sales, Daily Sun observed that markets, both on and offline, where pre-owned goods are sold at a fraction of their original prices, are seeing a surge in demand.
Also, many business owners who formerly sold only brand new items are now incorporating fairly used items in order to cater to the rising population of those looking for cheaper options.
Miss Jane Pam, a civil servant, living in Abuja told DailySun that she was forced to reconsider her plans of purchasing a brand new air conditioner and washing machine after the prices almost doubled by the time she had saved some money from the items.
She said: “I started saving for a brand new air conditioner and washing machine after I got their prices from my vendor. By the time I had the money ready in about three months, the prices had almost doubled. I started saving again but just in less than two weeks that I had the balance ready, the prices had gone up again. I got frustrated and almost gave up buying the items but my neighbour suggested I tried a pantaker (used items store). I was initially skeptical as I am someone that likes buying brand new things.
“I went and I was surprised at the quality of things I could get at a lower rate. The items were as good as new. You know, a lot of people are relocating and selling their items while some are selling off due to hardship. So you can find really good items for a good amount if you bargain well.”
A home appliance vendor, at the popular used items market in Jabi, Abuja, Mr Isah Alhasan, told Daily Sun: “Many People are no longer buying new things because they simply cannot afford them. Second-hand goods are becoming the only option for a lot of families.”
Another vendor in Wuse Market in Abuja, who simply identified himself as Mr Mike, said: “You can see how dry the market is even though it’s Christmas season. I spent millions of naira last month restocking my store for the Christmas but I am yet to make any serious sales even though it is already so close to Christmas. People keep complaining that there is no money. Many will come in and admire my wares, ask for the prices and leave without buying anything. I am just praying to God to help me recoup my money.”
Also lamenting how the economy has affected business, Mostapha Khrais, manager of Fouani Nigeria Limited, Abuja branch, said sales have dropped by over 20 percent.
He said: “People are not buying as much as before. For example, a customer who was planning to buy a 2-horsepower AC might now settle for a 1-horsepower model instead.
“The buying power has dropped because people’s disposable income has gone down. So, at the end of the day, you’re still earning the same salary, while price of things are increasing.”
Decrying the challenging business environment, he added: “It is a difficult environment in Nigeria. It’s really a very difficult environment. Anybody who can survive in Nigeria can survive anywhere in the world. This is the truth, I’m telling you because we have a lot of challenges, from transportation to foreign exchange rates. These are the major issues.”
Suggesting what the government should do to help businesses, especially those importing products, Kharkiv said: “ Let the current exchange rate be stable. This is the most important point. If it is stable, at least we can plan our business properly.
“Today, we have one rate. Tomorrow, a different rate. The next day, another rate.
“Actually, it’s affecting the masses. The people are more affected because as the rate increases, we must increase the price, and in the end, the masses will feel more of the burden.”
Meanwhile, an online thrift vendor, Chiamaka Obi, who sells female wears, said that sales have not been too bad for her.
She said: “Yes, sales have reduced compared to previous years during this season but I am still been able to make some significant sales. Although the prices of good have really gone up and is affecting my profit margins but I still thank God that business is moving,”
At the popular Karimo Market, in Abuja , Daily sun noticed the traffic of persons, particularly at the food stuff and thrift wears sections.
A resident, Linda Adah, who came to shop Christmas items for her family, lamented the high high cost of things in the market saying: “Everything is so expensive. From foods stuffs down to clothing items. If you do not budget right, you may end up going home with an empty bag after spending hundreds of thousands. For me, I have decided to prioritize food stuffs, then I will buy some nice first grade wears from my younger kids for the Christmas. The older ones will have to bear lack of Christmas wears this time around. I already told them this. One has to eat first before talking about clothes and food stuff alone has already taken up the bulk of the money.”
However, while second-hand goods offer affordability, they also come with their own set of challenges, including concerns about quality and durability. Many consumers have to weigh the benefits of lower prices against the risks of purchasing items that may not last as long as new ones.
However, despite these concerns, experts suggest that the trend towards buying second-hand products is likely to continue as long as inflationary pressures persist. With limited income growth and the continued depreciation of the Naira, many Nigerians may have little choice but to rely on the second-hand market for their everyday needs