The boom that usually characterised yuletide related products and services was sharply absent in most markets as unprecedented low sales caused by decline in purchasing power of consumers dented the hopes of many traders.
Prices of goods and services have been rising sharply and steadily since June following the commencement of President Bola Ahmed Tinubu administration with thunderbolt reforms, namely removal of fuel subsidy and unification of the official exchange market, leading to sharp increases in pump price of petrol and depreciation of the naira.
Reflecting the upward trend in prices, the headline inflation rate rose to 28.2 per cent in November, the highest since 2005.In response to the sharp decline in purchasing power triggered by this trend.
Reporters investigations showed that consumers could not afford most of the food and gift items needed to celebrate the yuletide season, a development that translated to unprecedented low sales for traders dealing in these items.
The items include rice, gift hampers, cooking oil, seasoning, fish and meat.
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Newsmen also revealed that patronage was marked by shift to cheaper brands and reduction in volumes even as consumers avoided non-essential items like Christmas lighting and decorations.
