NiMRA urges businesses to prioritise consumer intelligence as rising costs reshape spending

Marketing experts have urged businesses seeking to remain competitive amid Nigeria’s economic challenges to move beyond assumptions and invest in consumer and social intelligence, as rising living costs continue to reshape spending habits.

This was stated at the 2026 Nigerian Marketing Research Association (NiMRA) International Conference, themed, ‘Consumer and Social Intelligence as Transformative Power,’ held in Lagos recently.

Seyi Adeoye, president of NiMRA, said rising living costs, changing spending patterns, increased digital adoption and heightened social consciousness have significantly reshaped consumer behaviour, creating new challenges for businesses and institutions.

Adeoye said organisations that will succeed in the coming years will not necessarily be the biggest, but those that understand people the best, noting that in the marketing world, assumptions have become increasingly risky, while understanding has become more valuable than ever.

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He added that consumer intelligence helps organisations understand what people do, what they value and how their decisions are changing, while social intelligence provides a deeper understanding of the broader cultural, economic and technological forces shaping those decisions.

“Together, they help businesses anticipate change rather than merely react to it. They empower leaders to make better decisions, develop more relevant products and services, strengthen customer relationships and create sustainable growth,” he said.

According to Ajibike Seun-Ajayi, vice president of NiMRA, the conference provided a platform for professionals to examine developments in the marketing research industry, the evolving Nigerian economy, and the growing influence of technology, particularly artificial intelligence (AI), on business operations.

“What we have been doing over the last two days is trying to understand the latest developments in the market space and how businesses can find solutions to existing and emerging challenges,” Seun-Ajayi said.

She noted that today’s consumers are forced to weigh every purchase and are becoming more deliberate with spending, saving and investing because of economic uncertainty.

She however, advised brands to invest more in research to understand consumer needs and changing market dynamics in order to stay afloat in running their businesses.

“Brands need to find out what they are doing right, what they are doing wrong, and what they need to do differently.

“The only way to achieve that is by listening to consumers through research. The world is changing, and organisations that fail to adapt will be left behind,” Seun-Ajayi said.

The two-day event brought together market researchers, brand managers, business executives, technology experts, field workers, and other stakeholders to explore emerging trends shaping consumer behaviour and business decision-making.

Opeyemi Dairo, secretary-general, NiMRA, emphasised the importance of understanding consumers in an era increasingly shaped by artificial intelligence and data-driven decision-making.

“One thing that has remained consistent throughout this conference is the need to understand consumers better.

“While AI provides access to information and helps improve efficiency, it cannot replace human understanding. Our responsibility as researchers is to generate actionable insights that help businesses grow,” Dairo said.

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Oluwakemi Oshone, publicity secretary, NiMRA, said brands exist because of consumers, and before any innovation or solution is introduced, it is important to understand the people who will use it.

“Consumer and social intelligence are the foundation of meaningful and sustainable transformation,” Oshone said.

She stressed that businesses must rely on data and insights rather than assumptions when developing products, services, and policies.

“Whether you are introducing a new product, solving a social problem, or designing a service, it is important to listen to people. Gathering intelligence through research enables better decision-making and increases the likelihood of success,” Oshone added.

Stakeholders at the conference concluded that in today’s economic environment, success will depend less on the size of a company and more on how well it understands the people it serves.

They also noted that as consumers become increasingly selective about how they spend their money, businesses that invest in research, embrace technology responsibly and respond to evolving consumer needs are more likely to remain competitive.