Kenyan millennials are the top consumers of luxuries in East Africa courtesy of ever growing technology.
The revelation was made in a breakfast media engagement organised by Moet and Chandon, a global champagne manufacturer, in partnership with Luxury Network Kenya and few selected stakeholders to shed light on consumption of luxurious goods in Kenya and East Africa.
Speaking at the event, Moet and Chandon champagne global ambassador and chief guest Mr Pierre-Louis Araud said that Kenya had in the past one year realised an increase in champagne consumption making it top market leader in East Africa.
“In the past one year alone, champagne consumption in Kenya increased by 10 percent all factors notwithstanding,” he said.
Araud added that as African economies improves and the middle class grows, consumption of champagne is likely to increase as taste and lifestyle evolves.
Luxury Network Kenya and Luxury Lifestyle East Africa director Michael Mwai observed that luxury and premium segment in Kenya is ready for pivotal growth as both consumers and retailers more closely via digital media.
“ There is evidence that consumption trends are changing and a more discerning consumer is emerging amongst the millennials. This is greatly aided by the existence of easy and closer interaction brought about by technology,” he said.
Other panelist present included DT Dobie MD Ian Middletone, Bhavir Panesar of Panesar’s Interiors and Aggrey Oriwo, the IPSOS Synovate Managing Director.
According to Oriwo, out of 40% of Africa’s affluent millennials aged between 21 and 34 years, 17% made over six air trips in the last 12 months. Two out of 10 stayed in upmarket four or five-star hotels or upscale resorts while two out of three bought luxury products of any kind in the past year.
The report also shows that 66% own smart phones, tablets and laptops while one out of eight have a wearable device such as smart watches or glasses.
In the affluent report conducted in seven counties, Owino noted that “ there is a changed attitude and the African affluent is now concerned about personal growth, environment ,social responsibility and are ready to pay more for environmentally friendly products.”
The report covered what consumers do for business and pleasure picking out what they purchase and why and how they behave and express themselves.
Panesar said that they are expanding their products in line to serve younger clients looking for specially crafted furniture that is exquisite, built to last and trendy while Ian added that they are currently in an a conversation to up their game and match the consumers demands.
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“ While the autonomous vehicle vehicle may be many years away, it presents a new dimension in advanced mobility. It also opens up new opportunities for other luxury segments as consumers find more time in transit to to shop online. Tomorrow’s advanced vehicle should be more efficient and safer as it shall communicate with other cars as well as infrastructure,” he concluded.
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