According to the Africa report, women account for 70% of consumer spending in Africa. We also presented a recent research report where we provided insights on the roles Nigerian women play in the nation’s million-dollar beauty and cosmetics industry.
Women are perhaps Africa’s largest growth prospect, but there is relatively little data on how they spend.
In Africa, there’s a lack of data on the consumer market for both investors and potential founders.
African women are not just consumers, but also influencers
From dance and music to fashion and cosmetics, African women – and women of African descent all over the world – have long influenced global culture and continue to do so today.
Our Nigeria Beauty and Personal Care Trends report also reveals that domestic influencers play a huge role in what product their followers buy and who they buy from.
Consequently, more corporations must begin to listen. Women are Africa’s largest growth prospect, and greater data on their spending habits is the key to unlocking this potential.
What to do?
Such effort is not limited to the private sector. In order to boost GDP and attract more FDI, government departments must recognize how important this demography is to the future development of nations across the continent and endeavour to collect better statistics on women over time.
This can also help with the achievement of the Sustainable Development Goals (SDGs), where female expenditure is especially essential because it is more likely to raise families out of poverty than male spending. According to USAID, Women are more likely than males to spend their wages on their families to enhance education, nutrition, and health, helping to break the cycle of poverty.
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