According to The Washington Post, an African country south of the Sahara has grown from 15 percent urban 60 years ago to 40 percent urban today.
Urbanisation is fertile ground for consumer culture and Africa has witnessed consumer trends evolve rapidly in Sub Saharan Africa over the past decade.
In Nigeria, (Africa’s biggest economy) the shift toward a more prosperous consumer class is unmistakable. Although the vast majority of Nigerians have low levels of income, there is an important and growing opportunity within a subset of the population. Given the country’s large population the portion of people defined as middle and upper class represent a sizeable pool of potential consumers. Research conducted by McKinsey & Company showed that a significant 11 to18 percent of urban households – numbering over 2 million –have purchasing power and annual incomes over $10,000, which puts them in the modest affluent class. Half of the country’s growth in wealth will come from these households.
Capturing these trends remain a challenge.
• Market Accessibility
• Measuring Consumer Trends
• SME Development
• Digital Marketing
Juliana Olayinka is a broadcast journalist bolstering the African narrative from within the diaspora.
David Smith is the Chairman of the British African Business Alliance. It is a diaspora-led network for Business Leaders, Entrepreneurs, Development Organisations and Investors in Africa.
Bolaji Sofoluwe is the Director of ETK Group. A leading consultancy for African market entry and African business growth.
Bolanle Olowookere is the Director of Luxe By B Concierge. With over 10 years’ experience in the elite servicing industry, Bolanle is considered one of the most sought after concierge and travel resources in the UK.