Visa has released its latest consumer spending insights for the Ramadan and Eid Al-Fitr period in Nigeria, based on the Visa Consulting and Analytics Retail Spend Monitor.
During this period, spending on Visa premium consumer cards increased 20% year-over-year, with spend share up +10% percentage points.
This reflected higher spending on travel, everyday retail, and food-related categories.
According to the report, spending by international visitors using Visa premium consumer cards in Nigeria increased 40%. Spending from the United States of America, United Kingdom and Canada increased 40%.
International travel spending from Nigeria on Visa premium consumer cards increased around 20%.
Booking behavior skewed toward shorter lead times, with 70% of trips booked within one month of travel.
Spending to destinations including the United Kingdom, Saudi Arabia and France increased 40%.
Spending behavior during Ramadan reflected both pre-month stock-up and in-month in-store activity.
The data also indicated that in the week preceding Ramadan (Feb 12-18), food and grocery spending rose 25% compared to the prior week (Feb 5-11).
Spending activity also occurred later in the day, with late-night spending (1am-4am) up 35% compared to non-Ramadan weeks.
‘Spending peaked around Eid Al-Fitr, with total spending up 25% during the Eid period (Mar 16-19) compared to the preceding days (12-15 Mar).
‘During Eid, spending on food and restaurants increased 80% compared to the preceding days,’ the report said.
Andrew Uaboi, Vice President and Country Manager for Visa in West Africa, said, ‘The Ramadan and Eid Al-Fitr period saw higher spending across travel and everyday retail categories, reflecting both inbound visitor activity and sustained local spending. These insights highlight how consumer behavior shifts during key seasonal moments and underscore the opportunity for businesses to respond with more relevant and seamless commerce experiences.’
Nicolas Khoury, SVP, Head of Visa Consulting and Analytics, CEMEA, said: ‘The VCA Retail Spend Monitor provides a view of how consumer spending evolves across the Ramadan and Eid Al-Fitr period, from changes in travel patterns to shifts in everyday spending.
‘These insights help issuers and merchants better understand seasonal behavior and design offers and experiences that remain relevant as consumer needs change.’