SOURCE: McKinsey&Company
SOURCE: McKinsey & Company, By Damian Hattingh, Acha Leke, and Bill Russo
Africa remains a high-potential region, but growth is concentrated in a few markets and income segments. To win, companies need a tailored, data-driven approach. Consumer spending across the continent amounted to $1.4 trillion in 2015, with three countries—South Africa, Nigeria, and Egypt—contributing more than half of that total. Food and beverages still constitute the largest consumption category, accounting for as much as one-third of Africa’s household spending in 2015 (and close to 40 percent of household spending in lower-income countries such as Ghana, Kenya, and Nigeria), but discretionary categories already make up a substantial share of consumption. Spending on nonfood consumer goods—including clothing, motor vehicles, and household goods—accounts for a further 15 percent of consumption. READ MORE HERE
