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Businesses are Chasing Africa’s Tens of Millions of New Consumers Emerging Every Year

The median age on the African continent is 19. In India, the world’s most populous country, it is 28. In China and the United States, it is 38. The implications of this “youthquake,” as some call it, are immense yet uncertain, and likely to vary greatly across Africa, a continent of myriad cultures. Businesses are chasing Africa’s tens of millions of new consumers emerging every year, representing untapped markets for cosmetics, organic foods, even champagne. Hilton plans to open 65 new hotels on the continent within five years. Its population of millionaires, the fastest growing on earth, is expected to double to 768,000 by 2027, the bank Credit Suisse estimates. Dinner at Sushi Mitsuki, a new restaurant in a neighborhood with a rising skyline in the Kenyan capital of Nairobi, starts at $200 per person.

THE NEW YORK TIMES