Interest has grown in Africa’s frontier markets in the past few years and the region is set to become a key battleground for the luxury goods industry.
Although average household income in most of Africa is still lower than those in Western nations, the emergence of large African companies rooted largely in the energy sector has meant that there is an increasing strata of elite consumers with very high disposable incomes.
A glut of oil, gas and mineral discoveries has changed the continent’s fortunes for the better, giving rise to an elite of super wealthy individuals with expensive tastes in countries such as Nigeria, Angola, Ghana, Mozambique, South Africa and Kenya.
Africa’s prospects of a great economic future driven by the oil and other natural resources has given birth to the concept of a ‘Africa Rising’. Hand in hand with that has come an increasing consciousness of luxury brands and not just in South Africa, but across the continent where emerging economies have seen the growth of the luxury goods market.
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