- January 1, 2013 • Editor • The Africa Report
The market for luxury African goods was once the preserve of rich expatriates and tourists, but as incomes soar across the continent, retailers report a growing appetite among local buyers. Bridging the gap between traditional craftsmanship and luxury, high-end African brands are out to make a global impression. From clothing and jewellery to wine and tea, refined luxury is increasingly being packaged and sold by Africans. Continental consumption is rising steadily.
According to a report by consultancy firm McKinsey, consumer spending in Africa is set to increase from $860bn in 2008 to $1.4trn in 2020.
The number of households with disposable income is due to grow by 50% over the next 10 years to 128m.
The CapGemini/Merrill Lynch World Wealth Report found that the number of high-net-worth individuals in Africa rose by 3.9% between 2010 and 2011 to 100,000.