Today’s youth in Africa offers foreign brands lucrative growth opportunities, as many Western brands are looking beyond their traditional consumer base. This new wave of savvy African shoppers has significant exposure to global trends and innovations thanks to the shrinking world created by social media and higher spending power.
The accelerated economic growth, urbanisation and rising middle class of Africa’s emerging markets have fuelled the growing presence of North American and European brands across the fast moving consumer goods categories in these regions. This is evident, as nearly three quarters (74%) of older millennials in Africa (25-34yrs) say they enjoy experimenting with products from different cultures/countries, according to GlobalData’s 2016 Next Generation Emerging Markets survey.
Capitalising on the budding demand for non-African products are Europe’s premium cosmetics, beauty and personal care brands. Based on GlobalData’s 2016 Next Generation Emerging Markets survey, nearly one in two of Africa’s older millennials aged 25-34yrs associate products from Europe (47%) and USA (46%) to be of a superior quality, compared to only 27% of these shoppers perceiving similar products made by local brands as of high-quality.
Heavily influenced by today’s modern trends of western culture, Africa’s young consumers are the ones foreign brands need to keep an eye on.