Africa has the fastest rate of urbanization in the world. More than 40% of its inhabitants currently live in urban centers. By 2030, Africa’s 18 largest cities will have a combined purchasing power of $1,3 bilionu . In addition, Africa has as many million cities as North America.
In addition, Africa is well on its way to becoming the continent with the youngest population in the world. Approximately 70% of Africans are currently under the age of 30. The youth make up approximately 20% of the population. Fifty-three percent of African beneficiaries are aged 16-34. This is an age group known for their awareness of and desire for new products.
The rise of retail
Growing populations and larger cities cambodia whatsapp number data ranslate into big opportunities for retail.
For example, wholesale and retail trade are already the 3 largest contributors to Nigeria’s GDP. Kenya has seen a 54% increase in the number of stores in the last 5 years. South Africa has almost 2,000 shopping centers covering an area of more than 24 million square meters. With a flurry of investment in technology and infrastructure, Johannesburg is poised to become ” Africa’s prettiest city .” The newly revitalized Maboneng district boasts trendy restaurants, luxury hotels and galleries.
A growing middle class
Africa’s population is estimated at 1.3 billion, with 350 milionů considered middle class. A large part is currently between the ages of 15 and 24. This age group spends more in consumer categories such as entertainment, food and technology.
Emerging middle-class the final steps we are taking to prepare for christmas sales consumers are increasingly brand conscious. Consumer spending is still mostly concentrated in the informal cmo email list sector of roadside stalls and urban markets. However, a shift from is already evident in East Africa .
Walmart a The Carrefour Group Walmart koupil a 51% Massmart Holdings Ltd. in 2010. Despite some setbacks and management changes, Walmart intends to expand the brand with.