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In Nigeria, the performance of refrigeration appliances is set to be weak in 2020 in comparison to 2019 due to the economic impact of COVID-19. More specifically, Nigeria suffered from a strong drop in the price of crude oil internationally in 2020, and since crude oil is a major revenue source for the country it is also crucial to its GDP.
Despite the anticipated decline in retail volume sales, refrigeration appliances somewhat benefited from increased stockpiling habits as well as home seclusion in 2020, which led more consumers to seek larger and more efficient refrigeration appliances. However, this trend is only anticipated to marginally offset the impact of the weak economy on the performance of refrigeration appliances in 2020.
In 2020, many factors related to COVID-19 led to increasing average unit prices for refrigeration appliances, which may explain why current retail value sales are set to rise in 2020 while retail volume sales are set to drop. First off, disruptions to imports as a result of the pandemic led to a rise in average unit prices.
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Overview
Discover the latest market trends and uncover sources of future market growth for the Refrigeration Appliances industry in Nigeria with research from Euromonitor's team of in-country analysts.
Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.
If you're in the Refrigeration Appliances industry in Nigeria, our research will save you time and money while empowering you to make informed, profitable decisions.
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This industry report originates from Passport, our Consumer Appliances market research database.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.