- December 9, 2016
- Posted by: ABO Capital
- Category: Publications by Zandre Campos
Africa offers a vast and fast-growing consumer market. A billion people live on the continent, with the population expected to double by 2050. Not only do African consumers represent a world of opportunity, they also want a quality experience, the same as other customers across the globe.
Africa’s consumers are flourishing due to a variety of major factors in addition to population growth. The African economy is expected to grow 50% in the next few years, double the rate of developed markets, according to the Deloitte Consumer Review. More Africans live in urban centers which tend to drive economic activity.
Africa is also a young market. Currently some 200 million Africans, about 20% of the population, are between the ages of 15 and 24, a figure expected to rise to 321 million by 2030, Deloitte says. Young consumers want the latest and tend to seek the best in products, services and technology.