Over the last 7 years, there have been a number of high-profile studies and reports — from McKinsey, Standard Bank and the AfDB — on the size, composition and behaviour of Africa’s middle class.
At best, most of the figures and outcomes from these reports have been conflicting.
Recently, the University of Cape Town Unilever Institute of Strategic Marketing teamed up with research firm Ipsos to produce its own middle-class survey.
The report offers several interesting insights into the realities of Africa’s middle class – from the appliances they own, to their attitudes towards cultural traditions.
According to the report, at 68%, or 14 million people, Lagos has the highest proportion of middle-class consumers, while Nairobi has the lowest at 49% or 1.6 million people.
In total, it is estimated there are over 100 million middle-class people in sub-Saharan Africa (excluding South Africa), with a combined spending power of more than $400m per day.
According to the report, some men are choosing to marry later, in comparison to their parents’ generation, to gain financial muscle as life has become expensive. This is a sentiment mainly expressed in Cameroon and Côte d’Ivoire.
Read the full article at: How We Made It In Africa