Kenya second largest luxury goods market – Report

Kenya is listed as the second largest luxury goods market in Africa after South Africa.

The African luxury sector generated approximately US$6.0 billion in revenue in 2017 with Kenya generating half billion US dollars. The luxury sector includes luxury cars, luxury clothing and accessories, luxury watches, private jets, yachts and luxury hotels & lodges.

In a report released by AfrAsia Bank In partnership with New World Wealth on Monday titled the AfrAsia Bank Africa Wealth Report 2018, Kenya is ranked second in consumption of luxury goods after South Africa. South Africa spent US$ 2.2 in the luxury market. Other countries that made it into the top African luxury markets include Nigeria, Morocco and Egypt taking up almost 60% of the market share.

Apart from the luxury goods market, Kenya also stands out as a preferred destination for luxury Hotels. The Masai Mara and Safari Lodge are identified as the major rich people destinations in Africa and for game hunting respectively.

With a total wealth of US$ 104 billion, Kenya is the fifth richest country in Africa behind South Africa US$722 billion, Egypt US$330 billion, Nigeria US$253 billion and Morocco US$122. Kenya, however, ranks ninth in per capita rankings.

Kenya’s capital city, Nairobi, is ranked as the sixth wealthiest city in Africa with a total wealth of US$54 billion. South African cities, Johannesburg and Cape Town which have wealth amounting to US$276 billion and US$155 billion respectively. In the third position is Cairo followed by Lagos and Durban.