The success of the African economy has been based on sectors like the manufacturing industry. Africa had silently set distinct sectors that were viewed to offer rapid success in comparison to others such as the fashion industry. However, in recent years, the fashion industry has garnered up sufficient respect and opportunity to present its economic potential. Nevertheless, Africa’s potential is barred from prospering by issues such as lack of sufficient capital, infrastructure, and the global dominance of the fashion industry in Asia. Currently, Africa is slowly regaining its glory by attracting investors due to the rise in production cost in Asia. The following are some of the reasons why Africa’s fashion industry economy is rising fast.
Reasons Why the African Fashion Industry Has a High Growth Potential
Africa houses seven major economy growth houses around the globe. In addition to this, about seventy percent of the African population is present in countries that have rapidly growing economies. The following aspects have contributed to the increased growth of the African fashion industry.
- The fashion industry has had an exclusive media presence: Media has played a big part in displaying the capabilities of African designers. This has secured global attention to the African fashion market. This has boosted the consumer and investor market, which has increased the sales in the fashion industry. This has even led to African fashion designers being featured in the New York Fashion Week that has been known to attract the attention and presence of celebrities and powerful men and women from across the globe.
- The large market and subsequent large population in the African continent affects the African fashion industry economy: The UNICEF, United Nations Agency has estimated the African population to achieve an estimated capacity of two billion by the year 2050. This large population prospectively feeds into the business strategy of fashion brands as they pose a huge market. In addition to this, Africa houses the largest young population in the world according to the United Nation estimates. This shows the diverse creative ability of the African fashion industry within the continent. Their interaction with social media and technology gives them a high chance of boosting the fashion economy in Africa.
- The advantage of moving fast to collaborate with African designers is beneficial: Take note that the African fashion economy is exclusive to the African continent. This means that the few investors who move in to collaborate with African designers are creating a monopoly. The various brands in the content come from the various cultures and subcultures present in the fifty-four states. This means that each color coordination, print, or design is distinct in its own right. Investors have started noticing that Africa has immense talent that is hindered by inadequate capital and infrastructure.
- The middle-class of the American population is growing: This is an advantage for the African fashion industry as the target consumers now have more disposable income. In the past, the middle-class population concentrated on meeting their basic needs. Fashion was a secondary need for them. However, designers have eliminated the dilemma of the cost and product they will offer their consumers.