Emerging technology, growing populations and fast-growing economies are changing Africa’s retail landscape. Below are interesting facts and trends shaping the future of African retail.
Demography and urbanization
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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 cambodia whatsapp number data 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 translate 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 make a positive impact early on 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.
Africa’s population is cmo email list 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.