FOLLOWING fresh concerns about the declining purchasing power of the average Nigerian consumer and the need to bring such concerns to the forefront with the aim of providing guidance solutions, the management of The Industry Newspapers has announced plans to weave the thematic focus of the sixth edition of The Industry Summit and Awards around consumer preferences in a troubled fast-moving consumer goods (FMCG) market.
Tagged: “Understanding Changing Consumer Preferences in Troubled FMCG’s Space,” the convener of the event, Goddie Ofose, identified the dwindling purchasing power of consumers as one of the major reasons the manufacturing sector declared heavy inventory loss in 2024.
He called on organisations to begin to design innovative approaches aimed at tackling the menace in 2025.
According to him, “Inflationary impact is real and it has continued to dig some holes in the pockets of consumers, which in turn results in consumers’ preferences. Manufacturers must adapt to the shifting consumer preferences if they must survive.”
He said the 2025 resource persons have been selected based on their experiences in product innovation, marketing, advertising, brand management, distribution value chain and communication as well as and their ability to proffer solutions to the new market challenge.
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