January 13, 2011

Wall Street Journal Highlights Growing African Consumer Class

An article in the Wall Street Journal today highlighted the "gold rush under way for the African consumer," in which firms selling anything from cereal to cell phones are targeting the expanding African middle class in their quest for market expansion. The article cites McKinsey & Co, who points out that "the number of middle-income consumers - those who can spend for more than just the necessities - in Africa has exceeded the figure for India." McKinsey also predicts that consumer spending in Africa will grow from about $860BN in 2008 to $1.4TN in 2010.

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