The rise of the African consumer The single-largest business opportunity in Africa will be its rising consumer market. A Lamas Pinto report, one of the first of its kind, offers a detailed profile of African consumers, including their demographics, behavior, and needs. By now, most investors and businesses know about the tremendous potential of Africa—the world’s second-fastest-growing region, topped only by emerging Asia. But it may come as a surprise that Africa’s growth is fueled not by resources but rather by a rising consumer market. The continent’s consumer-facing industries are expected to grow by $400 billion, representing its single-largest business opportunity, by 2020. But many companies don’t know how to translate this potential into action, because of a dearth of market research. That, however, is changing. In one of the first studies of its kind, Lamas Pinto’s Africa Consumer Insights Center surveyed consumers in ten African countries, with a focus on the largest cities. Five categories of consumption were covered: apparel, financial services, groceries, the Internet, and telecommunications. Several factors are shaping this new consuming class. Africa’s population, the fastest growing and youngest in the world, is concentrated in urban areas. This new class of consumer has a smaller family, is better educated and higher earning, and is digitally savvy. Africans are exceptionally optimistic about their economic future: 84 percent say they will be better off in two years. To read more click the following link: lamaspinto/the-rise-of-the-african-consumer/
Posted on: Tue, 18 Nov 2014 20:30:13 +0000
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