CONSUMER TRENDS

Optimism and ‘conscious consumerism’ among key African trends – study

By our African Marketing Confederation News Team | 2024

Latest Ipsos Global Trends report reveals a stark contrast between African consumers’ optimism and general global scepticism.

As the world grapples with economic uncertainty, inflation and the cost of living, African consumers are charting their own course, maintaining a sense of optimism and demonstrating unique perspectives on brand loyalty, environmental consciousness and digital engagement.  

 

These insights come from the latest Ipsos Global Trends study, which surveyed consumers across 50 countries – including several African nations. 

 

The study reveals a contrast between African optimism and global scepticism. While only 44% of global respondents express optimism about their country’s future, close to 6 in 10 (57%) online African respondents maintain a positive outlook.

 

This optimism, however, is tempered by financial prudence. A total of 85% of African respondents emphasise the importance of saving for an uncertain future. This cautious approach to finances suggests a population that has learned to hope for the best while preparing for challenges.

African consumers are more optimistic. Photo: Kriss L from Pexels

“These results paint a nuanced picture of African consumers. While they maintain a positive outlook, they’re also pragmatic about their finances. This combination of optimism and caution creates a unique consumer landscape,” comments Busisiwe Mahlaba, Client Officer at Ipsos in South Africa. 

 

Africans are willing to pay more for brands that act responsibly 

 

Africans are more likely to choose brands that match their values, with 82% of Africans reportedly choosing brands that reflect their personal values, compared to 70% globally. Moreover, 77% of Africans are willing to pay more for brands that act responsibly. 

 

“African consumers are increasingly using their purchasing power to express their values,” Mahlaba explains. “This trend towards conscious consumerism is particularly pronounced in Africa, outpacing global averages.” 

 

The study also sheds light on the perception of global versus local brands. Interestingly, 57% of Africans believe that global brands make better products than local ones. However, 72% of African respondents to the online survey said they are willing to pay more for locally produced products. 

 

“This presents a complex landscape for both international and local businesses to navigate,” Mahlaba notes. “While there’s a belief in the quality of global brands, there’s also a strong desire to support local production. Successful brands will need to find a way to bridge this gap.” 

 

African consumers are leading the way when it comes to trying new things. A total of 62% of African respondents say they are usually the first among their friends to try out new things, compared to a global average of 46%. 

 

“This willingness to embrace new products and experiences presents an opportunity for innovative brands in the African market,” Mahlaba notes. “However, it’s crucial to remember that these same consumers are value-conscious and increasingly concerned about social and environmental responsibility.” 

 

You can download the full report here. 

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    Dr Kin Kariisa

    Group CEO - Next Media

    Dr. Kin Kariisa is an extraordinary force at the helm of Next Media Services, a conglomerate encompassing NBS TV, Nile Post, Sanyuka TV, Next Radio, Salam TV, Next Communication, Next Productions, and an array of other influential enterprises. His dynamic role as Chief Executive Officer exemplifies his unwavering commitment to shaping media, business, and community landscapes.
    With an esteemed academic journey, Dr. Kariisa’s accolades include an Honorary PhD in exemplary community service from the United Graduate College inTexas, an MBA from United States International University in Nairobi, Kenya, a Master’s degree in Computer Engineering from Huazong University in China, and a Bachelor’s degree in Statistics from Makerere University.
    Dr. Kariisa pursued PhD research in Computer Security and Identity Management at Security of Systems Group, Radboud University in Nijmegen, Netherlands. As a dynamic educator, he has shared his expertise as a lecturer of e-Government and Information Security at both Makerere University and Radboud University.

    Dr Kin did his PhD research in Computer Security and Identity Management at Security of Systems Group, Radbond University in Nigmegen, Netherlands. He previously served as a lecturer of e-Government and Information Security at Makerere University in Kampala, Uganda and Radbond University in Netherlands.

    Dr Kin did his postgraduate courses in Strategic Business Management, Strategic Leadership Communication and Strategies for Leading Successful Change Initiatives at Harvard University, Boston USA.

    • Other current and previous roles played by Dr Kin Kariisa:
    • Lecturer of e-Government and Information Security to graduate students at Makerere University, Kampala and Radbond University in the Netherlands
    • Director of Eco Bank Uganda Limited, one of the largest banks in Africa
    • Chairman of the National Association of Broadcasters, an umbrella industry association for all Television, Radio and online broadcasters in Uganda.
    • Chairman of Board of Directors of Nile Hotel International, that owns the leading hotel in Uganda, Kampala Serena Hotel.
    • Chairman of Board of Directors of Soliton Telmec Uganda, the leading telecom company in Optic fibre business managing over 80% of optic fibre in Uganda.