Lux Wealth

Africa and it’s Growing Luxury Market

Over the last couple of years, Africans around the world have been embracing their culture, more than ever before. People are proud to be African, they are unapologetically African! The release of Black Panther this year helped to aid this attitude. The film helped to change the western world’s perceptions of African heritage – one that we have been trying so hard to change for decades. The Marvel film highlighted the positives of the continent. It helped to show the world that our heritage is, in fact, rich in technology, creativity, sustainable and that it is extraordinarily innovative.

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In case you didn’t already know, Africa is rich in resources

In case you didn’t already know, Africa is rich in resources and provides a number of raw materials for luxury industries across the globe, yet luxury brands within the continent are struggling and have struggled for years to access the global luxury market and receive the media attention needed in order for them to increase their brand recognition outside of their home countries. This is so extremely frustrating, especially considering just how many amazing African brands and creatives there are out there. However, things are finally changing, luxury brands in Africa are expanding and they’re expanding rapidly. There is a new wave of African Luxury brands and a growing demand for luxury African products. African luxury is about to take the world by storm!

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The Global luxury goods sale is expected to reach an estimated $405 billion by 2019.  Africa is set to contribute significantly to this market, growing at a rate of 5.6% per year!  In 2014, the luxury goods retail sales in Africa reached an astounding $4 billion. How amazing is that? Africa has come so far and it’s only getting better! There are estimates that the millionaires in Africa will rise 53% to a whopping 2,58,000 by 2024. I find that so mind-blowing.

Nigeria and South Africa are among 2 of the countries in Africa that have emerged as the haven of luxury goods. South Africa is leading the market when it comes to luxury goods and services. In 2014, it listed a revenue of $2.8 billion, contributing to more than half of the final figure that year! If you ask me there is no better time than now to invest in this ‘brand new haven for luxury’. Globalisation is changing the game, it is changing consumer patterns. The digital world is allowing consumers globally to be exposed to African luxury and I could not be happier! The world can finally appreciate the beauty that comes from African goods!

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