6 Key Factors to Know About the African Market

In the next 15 years, the number of young consumers in Africa will explode — Africa will gain nearly 100 million in a single decade. Especially in major hubs like Lagos, Kinshasa, and Abidjan, cultural revolution will be swift and disruptive.

African consumers will become wealthier, more urban, and connected. Factors such as the $50 smartphone have already had a huge impact on how people live.

Here are six important factors that are expected to drive the youth economy in the African market.

1. Africa will gain 99 million additional young consumers in a single decade.

African consumers chart.jpg

2. Population of high earners rising faster than low earners.

Income level in Africa chart (2).jpg

Note: The chart above shows growth of population by daily income, 2000-2014.

3. More than 570 million new urban consumers within 25 years.

Urban consumers Africa chart (3).jpg

4. 175 million smartphone subscribers already.

cellphone usage in Africa (4).jpg

5. Leading to a radical reshaping of consumer lifestyles.

African consumer lifestyles (5).jpg

6. And shifting aspirations.

African markets (6).jpg

The length of each generation will be shorter and will not last 15 or 20 years. The weight of new consumers alone will drive faster generational segmentation. The turnover of marketing generation terms will halve — i.e. change every 7-10 years — a headache and an opportunity for marketers.


Source: Blog Market Research

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