With the growth of Africa’s middle class, we’re seeing development of new expectations. Educated, urban professionals are young, brand-aware and sophisticated in terms of their consumption.
The Mckinsey Global Institute is forecasting 35 million households to be earning more than $7500 a year by 2030, greatly expanding the middle-income bracket. This provides great promise for merchants looking to enter the market and appeal to a broader segment.
Retailers and consumer brands want to anticipate and drive buying preferences in fashion, home and lifestyle products, but they know they need international standard supply chains if they are to meet demand.
The largest economic forces in Africa are small to medium enterprises, working to meet this new demand and competing with global brands.