Why should you care about Africa’s luxury market? If you operate in the luxury industry you have to be concerned about every area of growth in the industry. Luxury brands and luxury retailers must think like global media outlets. So, if there is an increase interest in luxury goods for a certain area location, brands also need to focus on how-to generate revenue targeting locations around the world.
I recently came across an amazing article that highlights the success of Nigerian entrepreneurs. The article gave tons of insight about how entrepreneurs in Nigerian are gaining targeting Africa’s luxury market worth $1.5 Billion dollars according to Bain & Co. What’s equally as important is that luxury brands around the world can also gain by targeting Africa’s ultra wealthy as well.
Photo credit Adele Dejak
Luxury Brands Luxury Goods
High-end Nigeria storefronts and regions such as Namibia and South Africa attract ultra wealthy with an obsession for luxury brands. Targeting the fast growing luxury markets is an excellent opportunity to increase revenue earnings. Nigerian entrepreneurs are gaining by producing exclusive luxury products from continent’s abundant natural resources and also local artisan skills.
Photo credit YSWARA
Njau Gambia is considered to be maybe the smallest country in Africa. However, they have created an demand for how-to make recycled plastic handbags around the world. The finish product is beautiful and made from a simple plastic bag created into an natural luxury handbag.
Learn Which Luxury Goods Sell In Africa’s Luxury Market Worth $1.5 Billion
The popular fragrances of liquefied black soap is a must have beauty product.
Shea butter soap and Shea butter are in hot demand for beauty essentials.
Products made with coconut oil are very popular for beauty.
Bespoke African Craftsmanship
Products for the home, kitchen spoons, room fragrances, and custom furniture.
Handbags and Jewelry made from natural resources are prime in the accessories marketplace.
Would you consider adding any of these ideas to your luxury brand or luxury retail product line to target Africa’s luxury market?
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