As consumers‚ Africans are similar to urban consumers anywhere else in the world‚ according to Deputy President Cyril Ramaphosa.
They are both brand and quality conscious‚ they seek out the latest trends but watch their budget‚ and they want a modern‚ attractive shopping environment‚ he says.
He was speaking at the Consumer Goods Forum Annual Global Summit being held in Cape Town.
He told delegates Africa was an enormous market of more than one billion people.
“Seven of the 10 fastest-growing national economies globally are in Africa. Africa is open for business but more importantly for the consumer sector. A study by McKinsey reveals that Africa’s consumer-facing industries are expected to grow by $400 billion by 2020‚ representing the continent’s largest business opportunity‚” Ramaphosa said.
He added that the consumer goods industry remained a major driver of economic growth in South Africa.
“Since 1994‚ the democratic government has more than tripled the number of black graduates from university and we are creating opportunities for black people in business.
“In 1994 there were less than half a million black people in the middle class and today it is in excess of 3.5 million.
“Growing prosperity among South Africa’s black majority‚ particularly the emerging black middle class is a major boost to the consumer goods sector‚” Ramaphosa told the summit.
The whole continent of Africa was on a positive‚ new growth trajectory — it was acknowledged as the next growth frontier‚ he added.
“And South Africa is in the fortunate position of having identified the growth opportunities in Africa many years ago already‚” he said‚ pointing out that the country was ideally placed as a gateway for international investors wishing to venture into the continent
‘Africans want modern‚ attractive shopping environment’
As consumers‚ Africans are similar to urban consumers anywhere else in the world‚ according to Deputy President Cyril Ramaphosa.
They are both brand and quality conscious‚ they seek out the latest trends but watch their budget‚ and they want a modern‚ attractive shopping environment‚ he says.
He was speaking at the Consumer Goods Forum Annual Global Summit being held in Cape Town.
He told delegates Africa was an enormous market of more than one billion people.
“Seven of the 10 fastest-growing national economies globally are in Africa. Africa is open for business but more importantly for the consumer sector. A study by McKinsey reveals that Africa’s consumer-facing industries are expected to grow by $400 billion by 2020‚ representing the continent’s largest business opportunity‚” Ramaphosa said.
He added that the consumer goods industry remained a major driver of economic growth in South Africa.
“Since 1994‚ the democratic government has more than tripled the number of black graduates from university and we are creating opportunities for black people in business.
“In 1994 there were less than half a million black people in the middle class and today it is in excess of 3.5 million.
“Growing prosperity among South Africa’s black majority‚ particularly the emerging black middle class is a major boost to the consumer goods sector‚” Ramaphosa told the summit.
The whole continent of Africa was on a positive‚ new growth trajectory — it was acknowledged as the next growth frontier‚ he added.
“And South Africa is in the fortunate position of having identified the growth opportunities in Africa many years ago already‚” he said‚ pointing out that the country was ideally placed as a gateway for international investors wishing to venture into the continent
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