Despite Recession Nigerians Crave More Luxury Goods, Services

(Sundiata Post) – Africa’s melting pot of creativity and commerce gears up towards hosting another edition of the Luxury in Africa Roundtable, the premier gathering of executives operating within the African Luxury segment.
At a time when the nation is groaning under reduced oil incomes, experts predict the country’s economy will expand by 1.3 per cent in 2017.
Believe it or not, the former capital city is still a hub for the luxury lifestyle with Range Rovers, Rolls Royce Phantoms and Mercedes Benz G-wagons becoming furniture on its many pot-holed streets Restaurants like Nok, Izanagi and Shiiro remain filled to capacity with rumours of a Nobu opening soon; concept stores like Alara, Temple Muse and Fusion are constantly restocking, while hotels like The George and The Wheatbaker are buying up land with plans of immediate expansion not forgetting the super-luxury apartment buildings such as 4 Bourdillon and Cuddle, which are nearly sold out even with prices starting at N500 million a pop.
With all of the above trends, it seems obvious that local appetites for luxury goods and services have largely remained unaffected.
The country’s largely youthful population also creates increasing potential for the future of luxury with an ever-growing popular culture of bubbly and bling fuelled by Instagram and MTVbase.
Consumption of luxury is steadily on the rise, with Nigeria now taking the number two spot on the World’s biggest drinkers of Champagne and Cognac (insert Moet and Hennessy) far above various developed nations like Canada and the UK. Luxury in Africa Roundtable is the continent’s foremost gathering, which aims to chronicle the industry’s performance over a 12-month period.
Working with sponsors and partners targeting luxury consumers, it integrates various brands into the programme in a way that augments the delegates’ experience and delivers value for the participating companies.
This September, Luxury in Africa Roundtable in association with BusinessDay, will bring together leaders from a myriad of industries against a backdrop of economic and political uncertainty.
In these tumultuous times luxury’s decision-makers are facing challenges that will transform their industry — from multiple taxation to rapid technological innovation, from growing nationalism to changing patterns of consumer behaviour. In an interview with the project manager of the conference, Lola Badejo, she said, “Luxury is the thermometer used in measuring the temperature of the economy, if you want to know how good the economy is doing just feel the pulse of the Luxury industry because only when basic necessities have been met can one begin to desire luxury items and experiences.
Nigeria is out of recession and spending is back bigger and faster.” Speakers at the conference will be drawn from various organisations such as BusinessDay, Mckinsey & Co., Coscharis Motors, Lagos State government, Moet Hennessy, MasterCard, Temple Muse, Diageo, LSA Beds, Mercedes Benz, Eko Atlantic, Deola Sagoe, Cadwell, Pedini Kitchens, Phillips Consulting, Essenza, MAC Cosmetics, Ventures Africa, Pernod Ricard, The Wheatbaker Hotel, Fidelity Bank, Garment Care, British Airways, Access Bank, Kaizen Properties just to mention a few.

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