Global Journal of Economic and Finance Research

This study investigates the impact of economic downturns on Nigerian consumer behavior, focusing on cognitive biases, emotional responses, and social norms. Using a quantitative approach, a structured questionnaire was administered to 300 respondents from diverse demographic backgrounds. Data were analyzed through descriptive statistics, regression analysis, and Spearman rank correlation to understand the relationships between economic factors and purchasing behaviors. The results indicate that cognitive biases significantly influence purchasing urgency, while emotional responses shape brand loyalty and purchase intentions. Social norms, deeply rooted in Nigerian culture, significantly impact consumption patterns. These findings provide valuable insights for policymakers and marketers to design interventions that address consumer challenges during economic downturns. Recommendations include leveraging cultural sensitivities in marketing and implementing policies to mitigate economic impacts on consumers. Despite its contributions, the study is limited by its sample size and scope, suggesting future research to explore longitudinal effects and regional variations.

Economic Downturns, Consumer Behavior, Cognitive Biases, Emotional Responses, Social Norms

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