Today, Africa runs on the rehabilitation and development of business opportunities than any times. Even though widespread unemployment and poverty are still the headache of our Africa, the accelerating growth of the marketing business navigates the continent’s business to take the position of the fastest-growing region only under Asia. This result, surprisingly, helps to reach the Middle East’s economical position.
The opportunity of involving in the direct market system in most of the Africans perspective is moving fast so that more prosperous consumers are coming out from the ‘hustle and bustle’ marketing environment. Recent statistics shows that in 2000’s about 45 percent of Africa’s overall GDP growth is resulted from the consumer-marketing related sectors of the business world. However, after a while, the financial crisis that hit the economy of the globe has enforced the total consumer behavior of the region to decrease in a significant percentage. But the economic charts of various countries of the continent have been reconstructed smoothly and the consumer revolution came to the former position in the most influential way. It is estimated that, by 2020, 55 percent of African residents will have enough income to run a new profitable business. In addition to this, the population expansion of the region is very fast so that more than 50 percent of this growing population is under 20 years old. This shows that the young working age is more than enough to sustain the initiated consumer boom by effectively run and maintain the healthy business consumer interlinking guidance. Most people thought that compared to Africa, Chinese economic development is carried out because of the massive number of the young part of the population yet the fact is completely the opposite.
Nowadays, the working age of Africa surpass the Chinese young generation by 22 percent and if this rate continues, Africa’s young working power will account up to 50 percent of the world’s population growth. Similarly, the level of consumer industries are estimated to exceed 400 billion USD in the next two decades which covers half of the income generated output of the business firms. Nevertheless, most business owned individuals have insufficient knowledge about the market consumer strategies and the related challenges. According to Macinsey Center of African consumer perspective, ten countries of Africa are addressing the private centered consumer marketers. These states account more than 80% of the regions household consumption supplies. But, the problem lies in the movement of market opportunities which are dormant in rural areas and active in main cities. This does not show fair and all inclusive consumer revolution.
Indeed, the urbanization spirit in almost all African countries is becoming high. More than 40 percent of the region’s population is living in urban areas whereas the rural residents are flowing day to day to modern cities. This flow is crucial for the consumer centered companies since the urban per capita generation of income is roughly more than three-fourth of most rural areas as a whole.
On the other hand, most economists agree that companies providing services and products having poor quality, cheap and less genuine products are unlikely to step up in the long run. Without delivering quality and brand products, it is more difficult to get wide acceptance and maintain healthy business environment. Moreover, since the substantial differences within the continent creates a huge gap between the consumer and the service providers, finger-grained perceptions of consumer’s ultimate level of satisfaction must be fulfilled and solved by the marketing companies .
