africon has attended hundreds of events, conferences, and webinars. Our sector experts speak and provide thought leadership in some of these forums. In a recent webinar, we presented the opportunities for German companies in Africa. One of our slides focused on the growth of consumer markets in the continent.
Over the past 10-20 years, consumer goods markets in Africa have become increasingly interesting for international companies. Urban populations are growing rapidly across Africa, driving modernization and economic development. More than 34 countries now have an urbanization rate above 40%. Total consumer spending has increased sharply, which indicates an increasing demand for consumer goods and services and a higher propensity to consume. The growing middle class in most African countries like to shop in their free time and value brands for their high quality. As a result, the expansion of retail chains and other outlets has developed strongly in Africa. This poses an opportunity for companies in the sector.
At the end of the webinar, we presented some case studies and gave strategic recommendations for companies interested in key markets in Africa.
Read previous SOTMs (Slides of the month) here.