2024 Africa Consumer Outlook

The 2024 Africa Consumer Outlook report provides a comprehensive analysis of the economic and political shifts impacting consumers and producers in Sub- Saharan Africa. The region faces tightened consumer markets and inflationary pressures impacting consumer spending. Producers are facing increased input prices, supply chain disruptions and squeezed profit margins. These challenges are further compounded by currency depreciation and political instability. Consumers in Africa are evolving, with increased demand for value-conscious and globally competitive products and services.

Businesses must adapt to this changing consumer preferences and economic conditions. Despite these challenges, expected economic recovery post-2024 indicates future growth opportunities. This report offers valuable insights into consumer behavior, market trends, and macroeconomic factors influencing the region with a deep dive into South Africa, Kenya, Nigeria and Ethiopia covering sectors such as Retail, Hospitality, and Transportation. It also provides a roadmap for growth, highlighting potential areas for innovation and investment. Businesses can leverage these insights to navigate the complex consumer market dynamics in Sub-Saharan Africa.

Key highlights 

Sub-Saharan Africa Overview

• Tightened consumer markets and inflationary pressures (2022 – 2024) in Sub-Saharan Africa have impacted all sectors. GDP rebound anticipated post-2024 indicates recovery and growth opportunities
  

Ethiopia Overview

• Over the 2022 – 2023 period, high inflation and low incomes have reshaped Ethiopia's consumer habits, influenced retail choices, and escalated transportation costs, with a similar trend expected to prevail for the rest of 2024

Kenya Overview

• Personal financial stability is driving consumer resilience and preference for cost-effective alternatives amid broader economic challenges. Businesses are facing operational complexities due to rising costs, supply chain issues, and competition

Nigeria Overview

• In 2023, businesses faced operational challenges, leading them to adopt strategic measures including diversification, cost reduction, and digital integration, while consumers curtained their non-discretionary expenses

South Africa Overview

• Rising costs drive consumers to curb discretionary spending. Businesses are strategically providing value-added services and localizing their offerings to foster customer loyalty to offset operational burdens