Why Africa’s social and night life businesses are booming.
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| www.geoworlddesigns.com |
According to a recent McKinsey research, Africa has the world’s youngest population – more than 50
percent of its people are under 20 years old, compared with only 28 percent in
China. The 16 to 34 age bracket now accounts for roughly 55 percent of income.
These young people have more money
to spend. They are also aware of, and strongly influenced by, the latest
fashions in clothes, music, dance, drinks and style.
Many of them are working class and
single professionals who make up Africa’s rapidly expanding middle class. Their
numbers are expected to reach 1.1 million in less than 20 years.
Nigeria makes a great example to
drive home this point. With the largest population in Africa, Nigeria’s
overwhelmingly young and brand-conscious youth has contributed to the country’s
rising profile as one of the world’s largest consumers of champagne.
In 2011 alone, Nigeria consumed more
than $40 million worth of
champagne to become the second largest
consumer of the product in the world ahead of rapid growth and established
markets like Brazil, China, USA and Australia. Nigeria’s champagne consumption
is projected to exceed $100 million in less than five years (2017).
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| www.geoworlddesigns.com |
The bar and night club business can
be an exciting experience and may appear to be the perfect idea for many
entrepreneurs and investors. However, success in this business requires a
deep understanding of the market you intend to target, their tastes and needs.
In addition, anyone interested in
this business must be in the spirit of the times and closely follow trends in
fashion, music, entertainment, food and drink.
A good place to start would be
to explore the different opportunities to serve the huge relaxation and
partying market in Nigeria.
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| www.geoworlddesigns.com |
In our subsequent posts on the entrepreneurship series, we shall look at the various types
of bars and clubs entrepreneurs can consider…
God bless.
-yugoboss
