Millennials Now Concern More About Economic their Environment-Research
Strategy agency, SPACE has released the Nigerian edition of its annual Youth Opinion Study at the SPACE Nigeria launch held in Lagos. This followed its first edition which was released earlier in 2018.
While the first study focused solely on South African respondents between the ages of 18 and 35, the second iteration of the study focuses on Nigerian Millennials.
“The survey spanned issues of socio-political and economic relevance and saw 2,2029 Nigerian Millennials respondents from different walks of life, varying education levels and social interests answer a number of pre-determined questions,” said Johan Prins, SPACE director of Strategy.
The differences and similarities when compared to the South African study are quite astounding.
Millennials Biggest Issue:
Respondents in Nigeria and South Africa respondents agreed that unemployment is their biggest concern at the moment.
According to the National Bureau of Statistics Nigeria, more than 10-million young people in Nigeria are currently unemployed.
The Bureau considers the youth labour force to be people aged 15 to 34. It comes as no surprise then, that 38.9% of the Nigerian respondents in this study, chose unemployment as their biggest concern at the moment.
61% of the South African respondents in the earlier study also listed unemployment as their biggest concern at the moment.
The Nigerian and South African respondents listed concerns around slow economic growth as part of their top worries, but where racial tension is a big and growing concern for South African young people; their Nigerian counterparts listed the threat of terrorism as a much larger concern.
Economic Awareness and Perceptions:
The study showed that Millennials globally are now interested their economic environment. According to the study,between 40% and 45% of the respondents in both countries indicated that they like to keep up to date with economic news and developments at least some of the time.
Almost 72% of the Nigerian respondents and 69% of the South African Millennials surveyed indicated that they are worried about the current economic state.
Close to half of the Nigerian respondents said that they feel like they are better off than their parents were at the same age.
Cashflow is tight for this group with very little or no money being put away for a rainy day.
That said, this is a credit-averse generation with the majority of respondents in both studies saying that they do not own a credit card.
According to the survey findings, Nigerian Millennials are avid online shoppers, with 35% of respondents saying that they prefer to make their purchases online.
The use of hard cash is steadily declining in both markets as consumers adopt digital payment methods.
The survey also looked at the Millennial mindset when it comes to concepts like capitalism, feminism, sexual orientation, politics, gender equality, employment trends and education.
Political Party Loyalty:
50% of the South African Millennials surveyed indicated that they are not loyal to any specific political party.
That percentage is even higher amongst Nigerian Millennials – 79% of the respondents in the Nigerian study indicated that they are not loyal to any one political party in that country.
With voter apathy amongst young people on the rise globally, it is interesting to note that 86% of the Nigerian respondents said that they would definitely be heading to the polls in that country’s upcoming 2019 general elections.
SPACE is a strategy agency with offices in Johannesburg, Lagos and Amsterdam. The agency is committed to offering clients fully integrated marketing solutions and having the attitude of tenaciously cracking every challenge.