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This Datashot was first published in December 2013 and is presented here as an encore selection

Africa’s consumer market will reach $1.4 trillion by 2020, surpassing India and China

The African consumer market  has grown by $568 billion between 2000 and 2010 and is expected to grow a further $410 billion to hit the $1.4 trillion mark by 2020. These consumption figures are further supported by the 2012 household final expenditure figures (% of GDP) where several African countries including Kenya and Ghana surpass Brazil, India and China.
 
This consumer market growth is partially attributed to Africa’s rapidly growing working population which is projected to surpass China’s by 2020, hence catapulting the number of households with discretionary income from 85 million in 2012 to 130 million by 2020.  Other factors driving consumerism are healthy urbanization, a youthful market and high consumer optimism.
Data: The Rise of the African Consumer (2012),
Lions on the Move (2010)
(McKinsey&Company)
World Development Indicators
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