Africa gathers a substantial pool of optimistic and more connected consumers for the years to come, according to a study published on June 21 by Boston Consulting Group (BCG). 

In a study entitled “African Consumer Sentiment 2016: The Promise of New Markets”, the group revealed that Africa will have twice more affluent consumers than UK by 2020. As for the total number of African consumers, it should reach 1.1 billion by the next five years - more than Europe and North America combined.

BCG defines a consumer as any person ranging between 18 and 75 years with regular monthly revenues of 50-70 thousand dollars.

The study conducted on 11,127 consumers from 11 African countries (Algeria, Angola, Cote d’Ivoire, Democratic Republic of Congo, Egypt, Ethiopia, Ghana, Kenya, Morocco, Nigeria and South Africa) shows that 88% of the surveyed population is “very optimistic and eager to spend” - about twice the number of residents of mature economies (48%).

In principal African consumption markets like Egypt, Kenya and Nigeria, the percentage of optimistic consumers for the future and wishing to spend money is above 90%.

BCG added that consumption in Africa is spurred by steady revenues, a “more varied and attractive offer as well as a revolution in the distribution sector”. Also, besides the rapid expansion of modern stores and the arrival of international brands, access to mobile phones and internet brought “new business opportunities”. Truly, 63% of consumers across the continent have internet access.

BCG estimates in that regard that “by 2019, 250 million Africans who are not integrated into the banking system will possess a mobile phone and income of at least $500 per month”.

In addition, the study identified two new promising markets: Ethiopia, which recorded a record growth rate of 10.5% in 2015, and rural areas which until now had been neglected by economic operators.