Steps consumers should take to avert economic crisis

As the economic condition in the country worsens, and the prices of goods and services rise, with real income declining, consumers’ are having a herculean task making ends meet.

Only recently, the official pump price of fuel was raised to N145, up from N86:00, hovering at N150-160 per litre at varying fuel stations- although before now, in some states in the country, motorists have begun to buy the substance for as high as N200 per litre. With this development, prices of goods and services which are already high will further spike, thereby causing more hardship on the people.

In the midst of all these happenings, that there is no good or services left unaffected is more alarming. Prices of essential goods/services such as foodstuffs, transportation, housing, medicals and education will be hardest hit.

Given the present scenario, what should consumers’ do?  

                                                          

Firstly, I will suggest that consumers get educated and arm themselves with knowledge about the pricing system. They should scout around for information on where to buy certain goods at cheaper rate and learn to shun the more expensive goods. If many consumers take this stand, such mass action could provoke a reduction in prices of such goods/services.

Secondly, consumers’ could organize themselves into groups for the purpose of engaging in bulk purchase. Bulk buying is known to save money as they are mostly heavily discounted.

Thirdly, be prepared to shop around. Walk away when dissatisfied. Go into heavy haggling, if you must. And exchange information with groups or friends on where to get cheaper stuffs.

Lastly, for such goods and services such as rents, medical services, education etc. consumers’ can form pressure groups to prevail on the authorities concerned or the government to pass laws to come to consumers rescue. Such edicts have been passed in the past. And with a little more pressure from everyone can be effective.

Consumers at every point in time must demand to know what and why they are paying so much. A nickel and dime saved here and there may seem like little, but when added up it amounts to a lot.

Do not be ashamed to penny pinch. Only focus on the very essentials. Trim down on your buying list. Teach your kids to do likewise. And always look out for prices that are easy to understand and ensure that you are getting value for money.

N.B                                                                                                                                                                                                        

For the housewives and caterers out there, some companies are carrying out promos on their goods. As I earlier pointed out, this is the best time to make a bargain. NestlePlc, for instance, is offering slightly cheaper prices for one of its prime product- Maggi cube. There is no better time to make your purchase of this item than now- that is if your preference of food seasoning is maggi. Some other companies are running promos, given dwindling demands. Look out for  such companies and take advantage o