Ghanaian consumer’s purchasing behaviour, days before elections

As Ghana approaches the election of 2024, a shift in consumer purchasing behaviour becomes more apparent. 

The period preceding elections is distinguished by a distinct blend of anticipation, caution, and adaptive methods as consumers react to prospective economic changes.

Understanding these transitions is critical for businesses to better connect with consumer needs as Ghanaians face uncertainty about price, job security, and economic policy changes.

Consumer purchases, whether for necessities, luxury items, or investments, frequently reflect the careful assessment of political and economic prospects.

This article investigates Ghanaian consumer behaviours during this key period and identifies characteristics that distinguish their purchasing decisions right before elections.

Increased demand for essential goods

In the run-up to elections, many Ghanaians stock up on necessities such as food, water, and household supplies.

Fears of future shortages or price increases, which can occur because of election interruptions or economic instability, drive much of this behaviour.

In some circumstances, people will hoard things, such as rice, cooking oil, and fuel, to prevent probable scarcity and rising costs.

For example, a market in Accra may see an increase in demand for bulk food goods as families prepare for potential post-election price increases or supply chain disruptions.

Supermarkets and retail outlets frequently witness an increase in sales of essentials, and businesses should prepare by boosting their inventory of high-demand commodities and giving bulk discounts to entice consumers.

Switch to lower-cost alternatives

Due to the uncertain economic situation, Ghanaians frequently turn to more economical brands or generic products.

This cost-cutting behaviour is motivated by a desire to save money and cut spending, particularly if they foresee a post-election period of economic hardship or rising prices.

A buyer who generally buys imported canned foods may choose locally manufactured alternatives that provide comparable quality at a reduced cost.

Similarly, consumers may opt for lower-cost telecommunications plans or cut their utility consumption in anticipation of possible rate increases.

Companies that provide low-cost options or lower container sizes may be able to attract price-sensitive customers during this time, but premium brands may need to adjust their prices or offer promotions in order to maintain market share.

Delayed luxury purchases and investments

With uncertainties regarding post-election economic policy, many Ghanaians postpone major purchases like gadgets, autos, and household appliances.

Consumers frequently adopt a “wait-and-see” approach, preferring to keep their funds liquid in the event of unforeseen expenses or economic shocks.

A customer considering acquiring a new automobile or upgrading household appliances may postpone this decision, preferring to prioritise savings or spending on fundamental necessities until after the elections, when the economic outlook becomes clearer.

Retailers and businesses that sell high-ticket items may see a decline in sales as election day approaches, and they may profit from offering flexible financing options or post-election specials to encourage purchases.

Preference for cash transactions

Ghanaian customers frequently prefer cash transactions to electronic payments in the run-up to elections.

This tendency is inspired by concerns about potential disruptions to financial services, as well as a desire to have fast access to real cash in the event of an emergency.

Consumers who often use mobile money or debit cards for transactions may begin withdrawing cash to ensure they have funds available if they need them.

Retailers and service providers may see an increase in cash payments and should have appropriate cash-handling capacity.

Ghanaians, who are more conservative in their buying habits, are especially tempted by promotional offers and discounts around election season.

Price cuts on vital goods, loyalty benefits, and bulk discounts become particularly enticing as consumers seek to maximize value for money.

A supermarket that offers a “buy one, get one free” sale on fundamental items may attract more customers eager to stretch their limited budgets.

Similarly, consumers may be more receptive to loyalty points or cash-back offers around this time. Businesses can take advantage of this increased price sensitivity by launching focused marketing campaigns that emphasise savings, loyalty programs, and discounts on popular products.

Promotional methods that emphasise value can increase sales and attract hesitant customers.

Conclusion

Understanding the subtleties of Ghanaian consumer behaviour during an election season is critical for firms looking to navigate the market successfully.

Recognising these behavioural tendencies allows firms to alter their strategy to meet customer expectations, ensuring they remain relevant and competitive throughout the key days leading up to the elections.

The period is defined by caution, conservatism, and a focus on basics, and firms that respond strategically to these preferences can develop greater customer loyalty and increase sales even during times of uncertainty.

The writer is a Lecturer/SME Industry Coach and coordinator (MBA Impact Entrepreneurship and Innovation), at the University of Professional Studies Accra