This report provides an in-depth analysis of the potential market strategies for companies in Sub-Saharan Africa amidst the current cost of living crisis. It details how companies can leverage affordability, technology, and values to cater to the needs of the growing population of 1.2 billion consumers, particularly the younger and lower-income segments. It also explores how companies that localize their production could gain a competitive edge.
This report comes in PPT.
In Africa, low-income consumers are disproportionately affected by rising living cost, exacerbated by the fact that growing youth cohorts' income gains can’t keep up with the cost of living. Companies should aim to support consumers to help navigate the continued soaring living cost.
While consumers cut back on non-essential spending, purchasing of goods based on features such as quality, sustainability and other intangible values remain top of mind. Localised production, supply chains and offerings based on desired features not only addresses affordability, but also provides a competitive edge by demonstrating a commitment to local consumer values.
Technology proves to be a steadfast enabler in addressing affordability and barriers to accessibility in Africa. Technological advancements allows business to offer convenient and cost-effective access to their products and services, while consumers benefit from increased financial inclusion, ultimately enhancing the value proposition for African consumers.
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