Why Americans and other developed countries celebrates festivity with sales and reduction in prices of goods and services; reverse is the case in Nigeria, prices of items always reach high time high; this put unnecessary pressure on families. Which way forward oh………..
Americans are celebrating thanksgiving and black Friday with reduction in prices of goods........

price of goods are high because people will tends to buy more during festive periods. and this could be as a result that they have no money <url="http://personalfinancesecret.com"> management tips</url>

eliok: price of goods are high because people will tends to buy more during festive periods. and this could be as a result that they have no money <url="http://personalfinancesecret.com"> management tips</url>

How come USA and other developed countries always do sales during these periods............

Simple answer::

Nigerians are trained to take advantage of others/situations. We don't believe in turn-over, but we want every gain from a particular sale.

The law of demand and supply. During festivities, demand is higher than supply and just a day after the festivities, the prices crash drastically to even the cost price and the seller's try to recoup their initial investment. the United States black Friday is synonymous to our "katangoa bend down select"

.

simple logic - buy before the festive period its cheaper

In the western world pple wait for Christmas to get their non essentials becos they prices will def be reduced.

But for obodo Nigeria , Reverse is d case.

anienge001: Simple answer::

Nigerians are trained to take advantage of others/situations. We don't believe in turn-over, but we want every gain from a particular sale.

EXACTLY!!!

Cos of increase in demand by consumers. Many people want to celebrate during the festive season.

anienge001: Simple answer::

Nigerians are trained to take advantage of others/situations. We don't believe in turn-over, but we want every gain from a particular sale.

1 billion percent true.

Most 'entrepreneurs' in this part of the world are opportunistic profiteers disguised as businessmen. Nothing like economies-of-scale thinking here. They must extract as much (ungodly) profit as possible from each unit of sale.

Its not only in Nigeria but rather its a trend in most countries in African generally, morroco tunisia etc, Algeria during their festive periods always record an increased case of goods being smuggled illegally into the country because the price of their local commodities turns so exorbitant that a tier of its citizens has to resort to contraband products at cheaper rates

Not all over naija. Prices of foodstuff tend to fall during ramadan up north.

I really wonder! You know roadside guys are the typical greedy Nigerians. The more corporate shops reduce prices of their goods during festive periods

Everfrank: Not all over naija. Prices of foodstuff tend to fall during ramadan up north.

ehn don't even get me started with what I faced during this last sallah in Abuja!

First of all during festive periods like Christmas,everyone would love to eat to thier satisfaction,that calls for an increase in price of foodstuffs.As d price of foodstuff increases,the price of other commodities increases.Ed,the cost of gettin the foodstuff. As we all know that Nigerians don't dull at al.So thats how the chain of high prices consecutively spreads to other commodities

Opportunity doesn't come often,capitalize on the festive period,and you are made at least for a while.

Its the forces of demand and supply, which we Nigerians invariably like to use the avenue to make more profit

Its all because they know people are highly desperate for the things they need during the festive periods. The Sellers, knowin a lot of Buyers would have interest during that period, they tell themselves "its your business to buy at that price or not!!!!"

bebe2: In the western world pple wait for Christmas to get their non essentials becos they prices will def be reduced.

But for obodo Nigeria , Reverse is d case.

Is there anything wrong with that. We are different people, we developed differently.

Because Nigerians are always at their high spirits during festive periods. PERIOD!

Its due to the interaction btw d forces of demand & Supply....i.e The qtty demanded is greater dan d qtty supplier which in turn causes hoarding by. d seller...
later sells to d highest bidder...

Don't understand why some people here are busy using economics terms

Does mama nkechi selling chicken understand defective monetary & fiscal policies nor adamu selling cow neither does iyabo selling foodstuffs. All they know is that people have to buy so they must make the best out of it.

A poster earlier said GREED & that's the simple truth.

Even tailors that have more work to do still increase their pay during festive period. Its greed & wickedness joor. Not saying they shouldn't make profit o..but exploiting people is bad

The higher the demand the higher the price.. Tank God for economics ..tek note....shout up ur mouth bcuz u knew notin abt advance countries.

rudedough: One word "GREED".

Nigerians are greedy SOBs, especially the ones from my tribe.

FACT!!

rapson19: The higher the demand the higher the price.. Tank God for economics ..tek note...[s].shout up ur mouth bcuz u knew notin abt advance[/s] countries.

No need for that.

Its the mentality, and ofcourse Greed some of them dont mind the item expiring they would still keep & increase price. Some comments here tella us some people fall into such category.

Spare us the economics people. It is notin else buh pure greed!!!

High demand => low supply => higher prices

High supply => low demand => lower prices

I think it is wickedness, some traders store some of their goods till festive period before they sell it. This is unfair.