Topline consumer findings from the latest Africa Annual survey …
Oresti Patricios, CEO of the Ornico Group, discusses the findings of the latest Africa Annual consumer and marketing survey…
Right now Africa is an exciting place for marketers , says Patricios. Politically, democracy is making steady inroads with some amazing leaders emerging. From a societal perspective, Africa is undergoing huge changes; life expectancy is increasing, HIV infections have reduced by 20% in the last few years, instances of Malaria have decreased and the general passion within the nations has begun to soar. Patricios reports that his colleagues in other African countries question his pessimism when he talks about a 7% GDP growth. Another noteworthy statistic is that 7 out of the world’s top 10 fastest growing economies are in Africa, with Malawi sitting at 18% growth – albeit off a low base.
Marketers eyeing a $1.6 trillion consumer class in Africa
Patricios reports that there are very high levels of optimism in Africa, with 84% of surveyed people reporting significant improvement over the last 2 years. Urbanisation is very high, which is great for marketers. The African consumer industry will be a $1.6trillion industry in the next 5-6 years, with an emerging consumer class who will spend 50% of their income on non-food items.
The biggest advertisers in Nigeria are telecommunications, banking and… religion.
What does the African consumer want? The same as any other consumer, says Patricios. “They are very brand conscious, quality is critical, as are price points. Brands now just need to consider their journey into the informal market. “