There are 1.2 billion people in Africa, according to UNICEF. The UN agency also estimates the population of the continent to be 2 billion by 2050 and 4 billion by 2100. This large market size presents a great opportunity for investors can leverage on. Fashion brands with the right marketing strategy and the creative acumen have a huge market they can sell to.
Also, about 200 million people in Africa are aged between 15 and 24 (the youth bracket), according to the UN, making Africa the continent with the youngest population in the world. This is expected to continue as 1.8 billion births have been projected by UNICEF, to take place in Africa in the next 35 years. By 2050, UNICEF says the continent will have almost 1 billion children under 18, making up nearly 40 percent of children worldwide. Africa will therefore have the largest labour force in the world in the next 3-4 decades, filled with youths who can sustain the fashion industry. If there is any time to invest in the industry it is now.
“Most millennials tend to be highly educated and technologically savvy,” said Hazel Eki Aggrey Orleans, owner of Eki Orleans, a fashion brand based in London, while stressing the importance of large youth population to the growth of the fashion industry.
“They use social media and text to communicate and stay connected. Through the help of social mediums like Instagram and Facebook, these groups of young people who tend to have hundreds of followers are able to instantly communicate the latest fashion trends worldwide drawing attention to the fashion industry in Africa,” Orleans supplied.
Bethlehem Alemu, owner of Ethiopian brand, Sole Rebels also opined that the continent’s large youth population will foster growth of the fashion industry, as they bring “immense amount of energy and talent” to the industry.
