According to a report by Mauritius based AfrAsia bank, Kenya was listed as the second largest luxury goods market in Africa by revenue in 2017. The largest market for high-end goods in the continent is South Africa which generated $2.2 billion (~KSh222 billion) in revenues. Kenya’s luxury goods market generated $500 million (~Ksh50.5 billion) in revenue in the year under review.
As per the report, the revenue was generated from the sale of luxury cars, lavish clothes and accessories, high-end watches, private jets, and luxury hotels and lodges. AfrAsia Bank noted that the luxury market revenue in South Africa, Kenya, Morocco, and Egypt was largely boosted by the existence of many luxury hotels in the countries.
As at 2017, expensive car brands such as Porsche, Aston Martin, Bentley, Ferrari, Rolls Royce, Lamborghini, and Mclaren had their dealerships in several African nations like Kenya, South Africa, Nigeria, Angola, Egypt, and Mauritius. Similarly, luxury stores like Burberry, Louis Vuitton, Gucci, Prada, Alfred Dunhill, Dolce & Gabbana, Jimmy Choo, and Zegna had operations in the continent.
The study highlighted popular drinks among High Net worth Individuals in Africa such as Remy Martin Louis XIII cognac which retails for $500 (KSh50,500) and Gran Patron Burdeos which goes for $480 (KSh48,480) as per the report.
In terms of wealth management, AfrAsia lists South Africa as the leader with an estimated $82 billion (KSh8.2 trillion) in assets under management as of 2017. The Mauritanian lender ranked Kenya as one of the most promising markets for private banking alongside Mauritius, Morocco, Ghana, and Angola.