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With Africa's Consumer Spending Set For Rapid Growth, Multinationals Need To Understand Diversity Among African Consumers

July 5, 2012: 02:41 AM EST
Western multinational corporations operating in Africa “have long underestimated the continent’s consumers,” according to Unilever executive vice president Frank Braeken. For example, Unilever has been operating in the continent for more than a century, but had been slow in recognizing the diversity among African consumers. Nielsen’s survey identified seven types of African consumers, which can be grouped in “three tiers based on monthly income and average spending.” Household spending on consumer goods, telecoms, and banking is forecast to grow from $860 billion in 2008 to $1.4 trillion in 2020, according to McKinsey.
Robyn Curnow and Teo Kermeliotis, "African consumers 'underestimated' by Western firms", CNN, July 05, 2012, © Cable News Network
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