- Category: Retail
On the face of it, the African retail opportunity seems huge. After all, about 60% of the population in African countries may be living in cities by 2050. And urbanisation is increasingly a major driver of consumption. Besides, half the current headcount in at least 15 sub-Saharan African countries is below the age of 18, pointing to even more working age potential down the line. In 2050, it is estimated the median age of the African population would be about 25 years. As most young Africans prefer to live in cities, the retail potential on demographics and urbanisation alone, is quite significant.