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Nigeria has experienced strong economic growth in recent decades driven by oil revenues, which has created a growing luxury market. The document outlines the development of the Nigerian luxury market from the 1970s oil boom through today. It describes how the super-rich elite and expanding middle class now drive demand for high-end goods and properties. The market includes luxury cars, private jets, fine jewelry, designer clothing, and high-end real estate. While international luxury brands have entered the market, local designers are also emerging to serve Nigerian customers. The future of the luxury market in Nigeria looks strong, but challenges around infrastructure and quality remain.
Исходное описание:
elaborate Presentation on the Nigerian Luxury Market .
Thoroughly researched .
Nigeria has experienced strong economic growth in recent decades driven by oil revenues, which has created a growing luxury market. The document outlines the development of the Nigerian luxury market from the 1970s oil boom through today. It describes how the super-rich elite and expanding middle class now drive demand for high-end goods and properties. The market includes luxury cars, private jets, fine jewelry, designer clothing, and high-end real estate. While international luxury brands have entered the market, local designers are also emerging to serve Nigerian customers. The future of the luxury market in Nigeria looks strong, but challenges around infrastructure and quality remain.
Nigeria has experienced strong economic growth in recent decades driven by oil revenues, which has created a growing luxury market. The document outlines the development of the Nigerian luxury market from the 1970s oil boom through today. It describes how the super-rich elite and expanding middle class now drive demand for high-end goods and properties. The market includes luxury cars, private jets, fine jewelry, designer clothing, and high-end real estate. While international luxury brands have entered the market, local designers are also emerging to serve Nigerian customers. The future of the luxury market in Nigeria looks strong, but challenges around infrastructure and quality remain.
Brief Introduction About Nigeria Federal constitutional republic (36 states) in West Africa Most populous country in Africa Second largest economy in Africa (2011) 7.68% growth in the last quarter of 2011 Highest average GDP growth in the world 2010-2050 Majority of population living in the rural areas Petroleum plays a large role in the Nigerian economy, accounting for 40% of GDP and 80% of Government earnings Wide array of underexploited mineral resources including natural gas, coal, bauxite, tantalite, gold, tin, iron ore, limestone, niobium, lead and zinc.
The development of Nigerian luxury market
From the 1980 to 2010 Billionaires Government policy That purchasing power is starting to draw new brands into Nigeria From 2010 to now Gems Super-rich elite and a growing middle class Civilian government are more likely to fawn over foreign brands
The early 1970s
oil boom
Nigerias problem was not making money but finding ways of spending it Nigeria: The New Paradise for Luxury Economic and Purchasing power Politicians in Abuja are the amongst the worlds most highly paid 80% of the population are living on less than 1.5 euro per day + a small % of the population are millionaires 160 million population A growing number of young and professional middle class salary improve
Bank Encouragement New generation banks offer varieties of loan and finance packages
Physiological needs The middle class need to show that they have arrive, and what better way than to purchase the atest cars in the luxury market? Judgment + social approval
The Approach to Luxury Shopping abroad remains the ultimate mean (Paris, London, Dubai)
Travelling abroad is a reflection of high social status Even in Victoria Island, the heart of Lagos wealthiest district, a place with one of the worlds highest concentrations of millionaires, only a small number of luxury brands can be found
Gems Nigeria bears on the national and international market demand for large, high-value gems. Gems found in Nigeria: tourmaline, topaz, sapphire, emerald, beryl, in addition to garnet, amethyst. --Nigeria Minister of Mines and Steel Development announced that, although some people think Nigeria gem is not perfect, but in fact, gems of Nigeria are the world's best. --Indian jewelers Amrapali sold a $37,000 necklace in Nigeria that set a diamond in 22-karat gold with blue, yellow and red sapphires and hope to sell others at the store they stock in Nigeria.
Private Jets
Private Jets Private Jet industry valued at around $7.5 Billion Nigerians acquired, at least, 130 private jets with a sum of US$ 6.5 billion within the last five years Preferred brands of private jets in Nigeria include Gulfstream 450, 550 and 650; Bombardier Challenger 604, 605Top aviation officials indicate that Nigeria currently rivaled China as one of the two fastest growing private jet markets in the world.
Bombardier Business Aircraft Sales Manager Robert Habjanic, told PunchNG.com ,Nigeria was the company's largest market in Africa, with about 35 Bombardier-made business aircraft currently flying its airspace. Clothing Hugo Boss recently entered Nigeria's emerging luxury market. LVMH Moet Hennessy Louis Vuitton SA, is starting to open boutiques in Nigeria. Nigeria is the largest market in Africa and the Middle East for Moet Hennessy," said the company's Nigeria marketing manager We Will Play Big In Nigerias Luxury Market, Says Cartiers Boss Online sites like jumia.com offers international brands Home Grown Luxury Labels Jewel by Lisa Lanre Da Silva Ajayi Eki Orleans Odio Mimonet Tiffany Amber 5th + Quansah
International Luxury Brands Already Present
Car Brands Present In Nigeria Cars All major car brands have dealerships in Africa Porsche opened a showroom recently Range Rover Evoque, Jeep,SyonSang some of the luxurious SUVs Nigerians love for SUVs Competition among big brands Positive results for Luxury segment despite slowdown in the sector
Luxury Real Estate Starwood Hotels & Resorts to add three hotels to its existing Nigerian portfolio by 2015. Radisson Blu, Four Points by Sheraton, Ibis and Legacy hotels opened in Nigeria Accor, Hilton, IHG and Protea have projects under development Banana Island Victoria Island
http://www.hotelmanagement- network.com/news/newsnew-marriott-hotel-to- open-in-lagos-nigeria-in-2014 Luxury And Internet
Largest number of internet users in Africa Total market for online shopping-$38 Million Total investment in e-commerce to reach $30 million by 2014 Concept of online designer boutiques
Online Luxury Luxury Customer Profile Upstart business owners, oil industry executives and politicians are the regulars Sophisticated Travel a Lot Purchase luxury products from London, Paris, Dubai
Future Of Nigerian Luxury
High-net-worth wealth in Nigeria grew 13.6% to $1.2 trillion between 2009 and 2010 faster than any market in Europe, North America, Latin America and the Middle East.[Merrill Lynch and Capgemini] Projected to become Africa's biggest economy by 2015 and the world's fifth most populous by 2050 Lagos will have consumer spending of $25 billion or more by 2020, according to a McKinsey & Co. report
Challenges To Nigerian Luxury Market Lack of Urban Infrastructure Shortage of good shopping malls Shortage of decent hotels and restaurants The poor standard of domestic air travel Safety Issues in General Presence of Cheap Fakes[http://www.wazobiareport.com/reports/Louis- Vuitton-to-open-store-in-Nigeria-For-purchase-of-fake-goods]
Dialectics of Freedom for Nigeria's Political Stability: Towards Actualizing Nigerian Political Stability from the Paradigm of Frantz Fanon’s Dialectics of Freedom