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Emerging african middle class spurs growth in consumer sector

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Emerging african middle class spurs growth in consumer sector

  1. 1. Emerging African Middle Class Spurs Growth in Consumer Sector
  2. 2. In recent years, Africa’s historically stifled economy has given rise to a rapidly growing middle class. In addition to indicating a trend toward future economic prosperity, this emerging consumer sector has increased business opportunities across the continent. Consumer demand has led to an influx of investment activity, thus causing a shift in focus from commodities investments to consumer market
  3. 3. As investors have increased their activity in the consumer sector, so has the African public. As noted by experts such as Mthuli Ncube, former chief economist at the African Development Bank and current senior research fellow at Oxford University, the transition from poverty has led families to increase their spending in areas such as retail, travel, and technology. For example, in Ghana, spending on cell phones has
  4. 4. As of October 2014, the African Development Bank estimated the continent’s middle class at 370 million people, or approximately one-third of the total population. The African Development Bank uses a daily spending range of $2 to $20 to classify middle-class individuals, while the Standard Bank uses a wider range of $15 to $115.
  5. 5. Using this metric, Nigeria, Kenya, and the nine other largest sub-Saharan countries comprise 15 million middle-class families. The Standard Bank has also predicted that Nigeria will lead Africa in middle-class growth, projecting that the country will be home to 7.6 million new middle-class households by 2030.

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