In Nigeria Ramadan season often spiked the price of products, especially, the prices of fruit and vegetables and other perishable food items, according to the News Agency of Nigeria (NAN), prices of tomato and pepper have soared by 60% in some markets in Lagos as the fasting of Ramadan by Muslims commenced while the reverse is the case in predominantly Muslim countries, like, Malaysia, Indonesia, Brunei etc.
During Ramadan in Indonesia, regardless of online or offline shopping preference, the majority of Indonesians will buy and Indonesians are price conscious, during this period, retailers, brands, companies, social merchants are all vying for the same consumers making competition fierce, even banks can offer a 50% discount for the owners of its credit and debit card during Ramadan, likewise, hotels and restaurants will offer extra discounts.
The more income made by Indonesians, the more they will spend during Ramadan and the more companies offer discounts and promotions on products and services during Ramadan, the more they will make sales. The middle-class household in Indonesia is expected to rise to 23.9m in the next 12 years from 19.6m in 2016, this is why companies are spending to build credibility as reliable brands and influence the behaviour of future generations.
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