@ericstylemixthemes
Many thanks for your reply. I purchased this theme some time back but did not use it until now and of course the 6 months premium support included in the theme is no longer valid hence why I posted here.
Nevertheless, I really appreciate your speedy response and support. You are correct, I changed the PHP version in my virtual host file to 7.4 and was able to import the demo data just fine.
Thank you again for your support!