Africans can’t resist lure of luxury brands

Luxury good sales in Africa have been growing steadily in recent years and are predicted to increase by 11% this year, according to a study by Bain & Company. Oliver Merkel, a partner at Bain commented that "South Africa is still the largest, accounting for more than a third of the continent’s luxury revenue." Many luxury consumers also come from the country of Nigeria with the new Porche dealership in Lagos selling more than 200 cars within just six months of opening. “ They don’t really drive the cars because the streets are so bad,” explained Merkel. "The rich Nigerians want it as a status symbol."