Life has become costly: meeting basic needs is challenging. For this reason it’s surprising that, according to data-gathering portal Statista, the demand for luxury products in Africa is outpacing the region's economic decline, in some parts.
Interestingly, the luxury market is estimated to be worth an amazing USD$5.74 billion at present and is expected to expand by 1.32 percent a year until 2024.
Afika Jadezweni, a sustainable luxury writer, explains further that the growth of luxury resale which has removed financial barriers and made original designer goods accessible to many African consumers for a fraction of the retail price, is responsible for this paradoxical increase in demand.
