IIARD International Institute of Academic Research and Development

IIARD International Journal of Economics and Business Management (IJEBM )

E-ISSN 2489-0065
P-ISSN 2695-186X
VOL. 10 NO. 9 2024
DOI: 10.56201/ijebm.v10.no9.2024.pg129.140

---

Consumerism and Performance of Businesses in Nigeria

Harrison Queen Ubong, Augustine Brendan Inyang, Etim, Etim Osim

---

Abstract

This study was conducted to investigate the influence of consumerism on the performance of businesses in Nigeria. The worrisome trend of arbitrary increase in prices of goods, distribution of sub-standard products, and increased information asymmetry between the producers/sellers and consumers have emerged recently in Nigeria, calling into question the effectiveness of consumer protection and the enforcement of the rights of the consumers in Nigeria by regulatory authorities such as Consumer Protection Council (CPC), Federal Competition and Consumer Protection Council (FCCPC), Standards Organisation of Nigeria (SON) and others. The objectives of the study included to determine the forms of consumerism in Nigeria, and find out if these forms of consumerism influences the performance of businesses in Nigeria. An explanatory research design was adopted in this study, and both qualitative and qualitative data were used in the study. Thematic analysis was used in the analysis of the data collected from carefully selected articles from reputable journals. From the findings, consumer protection, ethical consumerism, grievances handling consumerism, and information consumerism were identified as the different forms of consumerism in Nigeria. Again, consumerism was found to influence the performance of businesses in Nigeria. It was concluded that consumerism is vital if businesses in Nigeria seriously want to improve their financial and nonfinancial performance. Recommendations made include the need for businesses in Nigeria to actively and holistically embrace consumerism as a conduit that benefits the consumers, improve the socio-economic healthiness of the Nigerian business environment, enhance their performance, and fully integrate all facets of consumerism into a workable framework for them and the entire society.

keywords:

Consumerism; Consumer Protection; Ethical Consumerism; Performance

---

References:

Abrokwah-Larbi (2023) The impact of customer-focus on the performance of business
organisations: evidence from SMEs in an emerging West African economy. African
Journal of Business and Management Studies, 15(1), 31-59

Adeleye, A. (2017). An appraisal of the Consumer Protection Council Act and consumer rights
Nigeria. The Gravitas Review of Business and Property Law, 8(2), 1-12

Akpan, E. O. (2019). A Comparative analysis of consumer protection framework in Nigeria,
United States of America and South Africa. IJOCLLEP, 1, 133-141

Amanda, F., Possumah, B. T., and Firdaus, A. (2018). Consumerism in personal finance: An
Islamic wealth management approach. Al-Iqtishad Journal of Islamic Economics, 10(2),
325-340.

Arndt, J., Barksdale, H. C., and Perreault, W. D. (1980). Comparative study of attitudes toward
marketing, consumerism and government regulation: The United States versus Norway
and Venezuela, in New Findings on Consumer Satisfaction and Complaining, Ralph L.
Day and H. Keith Hunt (eds.), St. Louis, MO: 66-72.

Bauer, R.A and Greyser, S.A (1968) Advertising in America: the consumer view. Boston:
Harvard university Graduate School of Business Administration

Bello, K. B., Suleiman, J. B. A., and Danjuma, I. (2012). Perspectives on consumerism and
consumer protection act in Nigeria. Perspectives, 4(10), 1-14

Cooper, C., Booth, A., Varley-Campbell, J. et al. (2018) Defining the process to literature
searching in systematic reviews: a literature review of guidance and supporting studies.
BMC Medical Research Methodology, 18, 85-995 https://doi.org/10.1186/s12874-018-
0545-3

Day, G. S. and Aaker, D.A. (1970. A Guide to consumerism, Journal of Marketing, 34
(July),12-19.

Etim, E. O., Effiong, I.H, Umoffong, N. I. and Umo, U. P. (2022). Reputational sustainable
capital reporting and performance of listed manufacturing companies in Nigeria. Indian
Journal of Applied Business and Economic Research, 3(3):207-238

French, W. A., Barksdale, H. C., & Perreault, W. D. (1982). Consumer attitudes towards
marketing in England and the United States. European Journal of Marketing, 16(6), 20-
Greyser, S.A. and Diamond, S.L. (1974), Business is adapting to consumerism. Harvard
Business Review, September-October, 38-58

Kangun, N., Cox, K. K., Higginbotham, J., and Burton, J. (1975). Consumerism and Marketing
Management: How do consumers perceive consumerism… and what are the implications
of these perceptions for marketing managers?. Journal of Marketing, 39(2), 3-10.

Kumar, P., and Ghodeswar, B. M. (2015). Factors affecting consumers’ green product purchase
decisions. Marketing Intelligence & Planning, 33(3), 330-347.

MacFarlane, A, Russell-Rose, T. & Shokraneh, F. (2022) Search strategy formulation for
systematic reviews: issues, challenges and opportunities. Intelligent Systems with
Applications, 15, 200091. https://doi.org/10.1016/j.iswa.2022.200091

Madichie, N. O. (2009). African journal of business management: two years on. African
Journal of Business Management, 3(4), 10-31.

Nwosu, W. U., and Atai-Agboni, U.J.. (2021). Consumerism and the administration of
consumer protection law: Nigeria in perspective. Journal of International Relations
Security and Economic Studies, 1(3), 9-33.

Oko, A. N., and Osuagwu, L.. (2013). Consumerism, the Nigeria experience: study of the food
and drink industries 1980-2012. Business and Management Horizons, 1(2), 18-46.

Otto, A. S., Szymanski, D. M., and Varadarajan, R. (2020). Customer satisfaction and firm
performance: insights from over a quarter century of empirical research. Journal of the
Academy of Marketing science, 48(3), 543-564.

Panizzut, N., Rafi-ul-Shan, P. M., Amar, H., Sher, F., Mazhar, M. U., and Klemeš, J. J. (2021).
Exploring relationship between environmentalism and consumerism in a market economy
society: a structured systematic literature review. Cleaner Engineering and Technology, 2,
Perreault, W.D. & McCarthy, E.J. (2002), Basic marketing: a global managerial approach. 14th
New York: McGraw – Hill Inc.

Ribeiro, A. P., Harmsen, R., Carreón, J. R., and Worrell, E. (2019). What influences
consumption? Consumers and beyond: purposes, contexts, agents and history. Journal of
Cleaner Production, 209, 200-215.

Sekhar, K. C., and Asio, J. M. R. (2022) Evaluation of consumerism on sustainability.
Technoarete Transactions on Advances in Social Sciences and Humanities, 2(2), 1-6

Sharma, R. D., and Verma, E. (2000). Consumerism in Indian consumer banking. Delhi
Business Review, 1(2), 12-31

Schoormann, T., Behrens, D., Fellmann, M., Knackstedt, R. (2021). On your mark, ready,
search: a framework for structuring literature search strategies in information systems.
In:Ahlemann, F., Schütte, R., Stieglitz, S. (eds) Innovation Through Information

Systems.WI 2021. Lecture Notes in Information Systems and Organisation, 46. Cham:
Springer, https://doi.org/10.1007/978-3-030-86790-4_38

Straver, W. (1977) The international consumerist movement: theory and practical implications
for marketing strategy. European Journal of Marketing, 11,. 93- 117

Straver, W. (1978). Consumerism in Europe: Challenges and Opportunities for Marketing
Strategy. European Journal of Marketing, 12(4), 316-325.

Suresh, A., and Rakesh, R. (2019). Relationship between consumerism and business ethics in
India. Journal of Marketing & Management, 10(2), 22-41

Tewari,
V.
(2016).
Consumerism-review
of
literature.International
Journal
of
Entrepreneurship and Management Research, 6(4), 1-20

Vetrivel, S. C. and Mohanasundari, M. (2011) A study on consumerism and its implication.
JM Journal of Marketing Management, 1(2), 10-22

Zhou, L.L., Ayegba, J.O., Ayegba, E., Ayegba, P.N. and Jie, Z.X. (2021) Impact of dynamic
capacities on the performance of food and beverage enterprises in Lagos, Nigeria. Journal
of Innovation and Entrepreneurship 10(50), 2-24. https://doi.org/10.1186/s13731-021-
00169-1

DOWNLOAD PDF

---

Back