Cost of Love in a Time of Economic Slow Down

valentineDespite hard economic conditions, many Nigerians are gearing up to spend big for their loved ones this Sunday.

Valentine’s Day is one of the biggest commercial holidays for retailers globally and Nigeria is not an exception.

As the 14th February approaches, most of Nigeria and African citizens are emptying shelves to bring satisfaction to loved ones, this demonstrates just how powerful love can be.

Cards, flowers and cakes are some of the goodies that get to be exchanged on the Valentine’s Day but for the ultra-rich, some get to buy their loved ones houses and sport cars.

“Sales have not been so bad, the growth is extending month after month this is regardless of inflation and other economic challenges,” Tolu Eros, Chief Executive at Cookie Bar told CNBC Africa.

Eros however added that, the inflation was affecting buying power which is obviously impacting all sorts of businesses.

“Nigerians places premium on love so at this time we have not seen our business being impacted at a large scale. As Valentine’s approaches we are seeing a gradual increase on our sales,” says Tokunbo Peters, Bose Cards & Gifts.

To hear more on what Nigerians think about the Valentine’s Day, watch the video below.

Source: CBNCAfrica

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