High fuel price, food costs change spending habits of Lagos residents

The rising costs of fuel and commodities are significantly impacting the spending habits of Lagos residents, with many becoming increasingly cautious about non-essential expenses and outings.

Some residents told journalists on Sunday that although their lifestyles had not changed drastically, the growing awareness of prices was already affecting their spending patterns.

Some said they were still adjusting to the new economic reality, while others warned that deeper adjustments could follow if service costs kept rising.

They said that while the changes were not drastic yet, rising transport fares, food prices, and service costs were influencing daily decisions, from social outings to lifestyle spending.

For Onome Favour, a teacher, the impact is subtle but noticeable.
“I won’t say I’ve fully cut down on anything yet but I’ve noticed that things are more expensive now.

“Even going out, once you calculate transportation and food, it’s higher than before, so you just think twice,” she said.

Ms Favour said the adjustment was more mental than physical, as people were becoming more conscious of how they spent rather than completely withdrawing from social life.

A content creator, Yemi Odunsi, who shared similar thoughts, said her routine had not changed significantly, but her spending habits were becoming more deliberate.

“I still go out and do my normal things but now I’m more conscious of how much I’m spending.

“Before, I didn’t really think about it but now I check prices more,” she said.
For some, the shift is more visible during group activities, where friends now discuss budgets before deciding where to go.

Praise Ibe, a software engineer, said outings now involve more planning and price comparisons among friends.

“When we go out now, everybody is more aware of prices. You’ll see people asking for cheaper options or suggesting places that are not too expensive.

“It’s not like we’ve stopped going out but we’re adjusting,” he said.
However, some said the rising cost of services had not altered their lifestyle significantly yet.

Osamede Osaruese said he was still maintaining his normal routine in spite of the price increases. For now, nothing has really changed for me.

“Prices have increased, yes, but I’m still doing my normal routine. I think it will take more time before it really affects how I live,” he said.

Rachel Ogbonna, a virtual assistant, said she observes the situation before making any major lifestyle changes.

“I’ve noticed the increase in prices, especially transport and food but I haven’t made any major changes yet. I’m just observing for now,” she said.

Entrepreneurs and business owners said they were already seeing early signs of changing customer behaviour, particularly in discretionary spending.

Abigail Oladimeji, a beauty technician, said some clients now request cheaper services or ask for prices before deciding.

“Some customers still come as usual but a few now ask for more affordable styles or ask for prices before deciding what they want to do,” she said.

Mike Ike, a lounge attendant, said customers were becoming more careful with how much they spent on leisure.
“People still come out but you can tell they are more careful. Some people spend less than they normally would, especially on drinks,” he said.