Africa’s Women As Consumers: Key To Unlocking Africa’s Growth By Nkiru Balonwu | Sahara Reporters If African businesses are to succeed, and indeed if we are to attract more foreign direct investment into the continent at large, we need to... READ MORE:
Women make up 50 per cent of Africa’s population and drive 70 per cent of consumer spend. This demographic represents the continent’s largest growth opportunity, and yet there remains very little data available on female spending habits. If African businesses are to succeed, and indeed if we are to attract more foreign direct investment into the continent at large, we need to build a better understanding of women in 2020.
In Africa, a lack of data hinders the consumer marketplace at large. ‘With no precise figures’ is a phrase that many of us have become accustomed to when a global study begins to drill down into the African economy, not to mention the individual countries within it. Of course there are exceptions to this rule - companies like Nielson and FMCG giants like Coca Cola, Unilever and L’oreal have been mining data for years - but it is seldom made publicly available.
It’s also an analysis that should not be taken at face value. We know that there are approximately 30 million females in South Africa compared with 100 million in Nigeria. We also know that the overall GDP of the two countries is relatively similar. So the argument that South African women have access to greater disposable income, and are therefore more likely to spend on consumer products, is unlikely to be enough to overshadow a literal 3:1 ratio of bodies on the ground.
Researching female needs more robustly could yield serious benefits for brands across the globe. In 2019, Kylie Jenner became the world’s youngest ever self-made billionaire when she sold a 51per cent stake in her cosmetics brand to Coty Inc. Rihanna’s beauty offering, Fenty, is now estimated to be worth $3bn.
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