The Jewelry Landscape in Africa
A comprehensive overview of the prospects for global luxury brands and investors seeking to enter or expand in Angola
What are the prospects for global luxury brands and investors looking to enter or expand in Angola? A recent article published by BoF in March 2024, pointed out that, despite the economy experiencing a setback, the purchasing power of highspending customers in the country remains high. A scenario supported by the African Development Bank, which reported a growth of 3.5% in GDP in 2023. For a more complete picture, here are some highlights.
- In Angola, the revenue generated by the jewelry market is estimated at EUR 300.70 million in 2024, with an annual growth rate of 9.77% (CAGR 2024-2028. Source: Statista).
- According to a 2022 wealth report by Henley & Partners, Angola ranks fifth in terms of total private wealth among the 54 African countries. Approximately 2,400 millionaires (in US dollars) reside in the country but, what really drives the luxury market is an “unknown” demographic group that boasts billionaire status (source: BoF).
- Most luxury multi-brand boutiques in the capital Luanda often have no store sign, do not post on social media and are in locations with limited access to the general public (shopping malls have been on the rise for a few years). High-spending customers, informed in advance, therefore place their order early and are received behind closed doors to complete the purchase. Some spend as much as $15,000 in one “trip” (source: BoF).
- The jewelry market is experiencing a surge in demand for traditional pieces of local craftsmanship, reflecting a growing appreciation for the coun- try's cultural heritage (source: Statista).
- Angola ranks 116th out of 180 countries in Transparency International's Corruption Perceptions Index published in 2022, although the country had moved up four places from the previous year (source: BoF).
- In Angola, the revenue generated by the jewelry market is estimated at EUR 300.70 million in 2024, with an annual growth rate of 9.77% (CAGR 2024-2028. Source: Statista).
- According to a 2022 wealth report by Henley & Partners, Angola ranks fifth in terms of total private wealth among the 54 African countries. Approximately 2,400 millionaires (in US dollars) reside in the country but, what really drives the luxury market is an “unknown” demographic group that boasts billionaire status (source: BoF).
- Most luxury multi-brand boutiques in the capital Luanda often have no store sign, do not post on social media and are in locations with limited access to the general public (shopping malls have been on the rise for a few years). High-spending customers, informed in advance, therefore place their order early and are received behind closed doors to complete the purchase. Some spend as much as $15,000 in one “trip” (source: BoF).
- The jewelry market is experiencing a surge in demand for traditional pieces of local craftsmanship, reflecting a growing appreciation for the coun- try's cultural heritage (source: Statista).
- Angola ranks 116th out of 180 countries in Transparency International's Corruption Perceptions Index published in 2022, although the country had moved up four places from the previous year (source: BoF).