Broke? This is where your money goes
The beauty industry, especially hair dressing is estimated to be worth 6b Us Dollars. A 51 per cent, however, would spend on furthering their education.
In a research that sought to understand just “what makes the African Millennials tick”, their aspirations, hopes, affinity, habits as well as get their thoughts on leadership, governance and their future in a digital age in the best way that they know how, using their mobile phones, beauty is listed as the number one trend with the “hair industry estimated to be worth US$6 Billion,” reads part of the report.
Read also: 7 WAYS TO SPEND LESS ON COSMETICS
A cordial look at the report seen by P Live Kenya shows that that youth invest 26 per cent of their earnings, six per cent on entertainment and five per cent on gambling. Other items accounted for seven per cent of the total income.
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In a survey which traversed the Sub-Saharan Africa region including Nigeria, Ghana, Uganda, South Africa and Kenya, and in which a whooping 51 per cent of employed youth took part, it shows that young Africans invest the most on furthering their education.
Of the respondents, a 32 per cent of dependents interviewed showed a difference in their priorities on spending, thanks to the financial dependency.
Betting
With the mushrooming of the gambling industry, the Kenyan youth have been netted by the menace, in a bid to strive towards financial independence, prosperity and believe in their own ability to have their own course with education, without depending on help.
Gambling has been said to cause the largest dent on their financial incomes.
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“Gambling is becoming popular among male African millennials in sub-Saharan Africa due to their high affinity to sports and the proliferation of local sports betting players. This is still a very nascent industry,” says the report.
Close to 70 percent of Africa’s population now comprises of people of ages between 18 and 35 years, according to a 2011 Africa Development Bank report. Africans aged 16-34 account for 65 percent of the continent’s consumer spending.
The African millennials are vibrant, on the move, tech savvy and image conscious. They are upping their levels of education and are extremely optimistic about their future.
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