The luxury network had a panel discussion over a bottle of Moët & Chandon champagne about luxury consumption in East Africa and this is how it went
According to 2017 Africa Wealth Report, Kenyans are among the wealthiest people in the continent.
Some of the topics discussed revolved around the unique and challenging environment that Africa presents for brands and how the region can emerge as a destination as well as a source for luxury brands.
The topics were handled by a panel of experts representing reputable luxury brands in the region and comprised Pierre-Louis Araud, a special international guest, head of Private Clients and Business Development in Africa and Middle East for Moët & Chandon,
“We organized this event to bring all stakeholders together and see how we can work to fulfill the desire of Kenyans who are increasingly developing taste for premium products and have the means to explore a new whole world of luxury “ said Michael Mwai, a director at The Luxury Network Kenya and Luxuria Lifestyle East Africa who was the moderator.
Pierre-Louis Araud who shared his experience and passionate relationship with champagne and the Maison Moët & Chandon, said that he had come to realized Kenya had great growth in champagne consumption leading in East Africa.
“Moët & Chandon wanted to share the magic of champagne with the world, we have noticed people all over the world people have different have different tastes and preferences for champagne and today we have different brands of Moët & Chandon for everyone tastes and occasion, I have realized in Kenya you have a taste for sweetness and we believe Moët nectar which is really sweet (tamu sana) is perfect for Kenyans”
Mr. Pierre-Louis added that as African economies improved and the middle class grows, consumption of Champagne will increase as tastes and lifestyles evolve.
According to 2017 Africa Wealth Report, Kenyans are among the wealthiest people in the continent and the country is ranked at position 9 with a wealth per capita of Sh227, 000 ($2,200).
According to Knight Frank's latest Wealth Report, Kenya created 180 new dollar millionaires in 2017, growing the number of persons with a net-worth of over Sh500 million ($5m) to 1,290.
There is a changing attitude and the African affluent is now very concerned about personal growth, the environment, social responsibility and are willing to pay more for environmentally friendly products.
According to Aggrey Oriwo of IPSOS who shared insights from the 2016 Africa Affluent Study carried out across 7 African cities, there is evidence that consumption trends are changing and a more discerning consumer is emerging amongst the millennials.
According to the report, 40% of Africa’s affluent millennials aged between 21 and 34, 17% made over 6 air trips in the last 12 months.
Two out of 10 stayed in upmarket four or five-star hotels or upscale resorts.
Two out of three bought luxury products of any kind in the past year while 66% own a smart phone, tablet and laptop.
One out of eight have a wearable device such as a smart watch or smart glasses.
Other partners who gave insights about the market trends in Kenya were DT Dobie/CFAO MD Ian Middleton and Panesar’s Interiors Bhavir Panesar, who shed light on how their businesses have grown over the last seven (7) decades.
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