Marketing & Media trends
- A bold year for beveragesAlex Glenday
- Acceleration of digital paymentsJonathan Smit
- Safety vs sustainability - the packaging industry's key conundrumNthabiseng Motsoeneng
- The evolving e-tail landscapeVilo Trska
Construction & Engineering trends
- 3 major trends in the commercial property space in AfricaPeter Hodgkinson
- A bright horizon for South Africa's energy landscapeBarry Bredenkamp
- Achieving developmental goals through constructionCyril Vuyani Gamede
CSI & Sustainability trends
- Time for NPOs to show their real impactKeri-Leigh Paschal
- 5 sustainability trends that will shape business in 2021Christelle Marais
- 4 trends set to continue or be re-interpreted in the NGO sectorInnocent Masayira
- Strengthening NPO skills and processesNazeema Mohamed, Feryal Domingo and Soraya Joonas
- Sustainability is key for social investment in 2021Keri-Leigh Paschal
- 4 trends in employee skills development and training you need to know for 2021Siphelele Kubheka and Desikan Naidoo
Energy & Mining trends
- 10 predictions around fintechDominique Collett
- The 4 themes for the new yearAndrew Duvenage,
- 3 wealth management trends to watch in 2021Maarten Ackerman
- 4 strategies to rethink investing in SMEsKuhle Mnisi
- Microinsurance ready to reach new heightsMarius Botha
- Finding alpha in the age of Covid-19Nema Ramkhelawan-Bhana
- Purpose or profit. It's not a choiceMike Middleton
- Shifting towards a digital - but still human - approachHenry van Deventer
HR & Management trends
- 4 areas in which your business can practice its swivelFrancois Kriel
- 5G is coming. Here's what it could mean for SASamantha Naidoo
- 3 big issues demanding legal attention this yearJonathan Veeran, Nozipho Mngomezulu and Burton Phillips
Logistics & Transport trends
Marketing & Media trends
- Tech democratisation will set the tone for 2021Andrew Smit and Johan Walters
- Auction industry survival depends on going virtualJoff van Reenen
- Covid-19 drives new trends in local property marketMarcél du Toit
#BizTrends2020: Bright future for luxury brands in Africa
All eyes are on Africa as we enter a new decade and prepare to navigate the year ahead. With strong economic growth, increased affluence and a growing population that is forecast to double by 2050, the continent holds strong potential for luxury brands.
Alain Dos Santos
In fact, Africa has one of the fastest regional growth rates for luxury goods, second only to the Middle East – and by 2020, consumer spending is projected to exceed $1 trillion annually, according to McKinsey’s Global Institute.
With an optimistic outlook and growing appetite for luxury goods, the continent offers a promising market for luxury retail well into the future.
While a one-size-fits-all approach won’t work for Africa, 2020 will present a number of key trends that will continue to shape the sector, including:
One of the biggest demands on retail in Africa is the need for connectivity – and the luxury retail sector is no exception. Increased internet penetration across the continent is paving the way for e-commerce growth and is a necessity to meet the demands of a younger customer where convenience is king.
At Montblanc, we’ve already established e-commerce platforms serving seven countries in Africa – our mission is to be as close to our customers as possible through every touchpoint.
Africa has an immediate window to international trends, so there is an increased familiarity with brands, driving demand and aspiration for luxury products and lifestyles. The way luxury brands communicate with customers is – and will continue to be – driven by digital, with storytelling, in particular, being key to reach a younger customer base.
Digital is a powerful way to increase brand equity and to drive purchase, with online luxury sales expected to triple by 2025, according to McKinsey.
Experience and personalisation
Today’s connected and conscious consumer will continue to be presented with innovative ways to capture their attention. Customers are no longer simply purchasing products, but are purchasing experiences and emotions.
Virtual and physical experiences will be at the forefront, such as creatively driven pop-up stores and curated in-store environments that reflect the brand’s values and ethos.
Another trend that continues to gain momentum across all categories of luxury is personalisation. Providing an opportunity for customers to own a product that is individualised for them – whether in embossed initials on a wallet, or a specific design on their carry-on luggage created by a graffiti artist – is of enormous appeal.
Technology is an integral part of our daily lives and is becoming a core component of luxury. Tech has been integrated into Montblanc’s portfolio over the past few years and is a growing category that allows us to stay relevant while remaining true to our craftsmanship, heritage and quality of design.
Authenticity and relevance
Authenticity and relevance is now a golden rule for brands across the globe, but it is particularly pertinent for Africa – a continent where each country is different in culture and lifestyle. Adapting a concept to a local identity enables brands to garner an authentic and sustained connection with local customers.
About Alain Dos SantosAlain Dos Santos is the Regional Managing Director for Montblanc Africa. Based in the luxury Maison's regional office in Johannesburg, Dos Santos is responsible for expanding Montblanc's presence & operations in key markets across the continent. His role follows 5 years as Montblanc's MD for Brazil, during which he oversaw milestones including the transfer of Montblanc from its historical family external distributor to fully integrated subsidiary within the Richemont Group, & the first Richemont Maison in Brazil to launch its e-commerce offering.
Read more: retail trends, luxury goods, consumer spending, shopper marketing, luxury brands, Montblanc, luxury fashion, luxury retail, BizTrends2020