Out now! New issue brings latest insights for Africa’s marketers

In the case of Nigeria, a 2024 study by The Culture Factor Africa showed a high correlation between ethnic diversity and return on assets in the West African nation. It noted that diverse teams were 70% more likely to capture new markets, while financial returns were “35% more likely higher in ethically diverse teams”.  

Similarly, Kantar’s recent Brand Inclusion Index 2024 report notes that “75% of consumers globally say that diversity and inclusion – or the lack thereof – influence their purchase decisions”. 

According to Amit Nanoo, Human Centric Growth Strategist in Kantar’s Insights Division, what sets Africa apart from the rest of the world is that while, globally, minorities and marginalised groups are underserved, “in Africa it’s the majority of people who are underserved”. 

What does this mean for Africa-focused brands? “People [in Africa] are looking to brands to take up the social and commercial responsibility to be more inclusive,” explains Nanoo. 

Africa’s consumers are moving from ‘tension’ to ‘intention’ 

Ipsos recently released its Global Trends 2024 report, titled ‘In Search of a New Consensus: From Tension to Intention’, which interviewed more than 50,000 people across 50 markets – including from six countries in Africa. 

According to the study, South Africa and Nigeria have seen an increase in positive perceptions of globalisation, with many viewing it as a catalyst for economic growth and development. Seventy-five percent of respondents in Nigeria and 70% in South Africa believe that globalisation has a positive impact on their country, highlighting a general optimism towards global interconnectedness. 

However, this optimism is tempered by concerns over national sovereignty and cultural identity. In Kenya and Zambia, there is a strong sense of national pride, with 82% of Kenyans and 78% of Zambians expressing pride in their nationality. This duality reflects a broader global trend where people appreciate the benefits of a globalised world, but also yearn for a stronger sense of local identity.  

For businesses operating in Africa, the challenge lies in leveraging global scale while remaining attuned to local nuances – a delicate balance that could determine success in these markets. 

You will find these stories, and much more, in the latest Strategic Marketing for Africa – the voice of African marketing and the official publication of the African Marketing Confederation (AMC). Read Issue 4 2024 online here.  

A Print Edition of the latest magazine will be available soon.