On Friday, 30th September some of the big players in the Nigerian luxury industry will gather at the Eko Hotel & Suites, Victoria Island, Lagos to discuss issues relating to the Nigerian luxury market.
Tagged ‘The Nigerian Luxury Market: Facts Behind The Figures’, the summit is an offshoot of a recent report produced by Phillips Consulting on the Nigerian Luxury industry in 2016.
The report highlights some important factors impeding the growth of the luxury industry some of which will be discussed at the summit.
Folusho Phillips, chairman, Phillips Consulting says it is important to start a conversation on some of the challenges facing the growth of the luxury industry in Nigeria. “Based on the findings on the report recently produced by us, ‘Capturing the Growing Demand for Luxury Goods in Nigeria Survey Report’, we discovered that there is a huge potential for growth in the Nigerian Luxury industry as a result of long term investment potential, demographic potential, rising level of disposable income in the country. However, there are factors like huge skill gap, huge market entry risk and tough business environment impeding the growth of the sector. So, we need to start a conversation on these challenges and proffer solutions.”
On his part, Bayo Adesanya, Associate Partner, Business and Advisory Services, Phillips Consulting, explains in the forward to the report that wholesale and retail trade accounts for about 21% of Nigerian GDP, preceded only by the agricultural sector which contributes 35%. With a growth rate of about 10%, this sector is expected to continue to be a key driver of the GDP.
“The growth in this sector is attributable to Nigeria’s growing middle class, with an increasing amount of disposable income. Our survey on capturing the growing demand for luxury goods in Nigeria provides a situational analysis of the luxury retail landscape in Nigeria from the perspective of the consumers and retailers,” he says.
Tomiwa Idowu, general manager, African Luxury Ltd, says the Luxury in Africa Roundtable Series is an opportunity for key players within the industry to deliberate on issues currently affecting the luxury ecosystem in Nigeria.
“Every year we intend to engage top notch consulting firms to carry out extensive research on strategic African markets highlighting the opportunities and challenges for growth in the sector. The luxury market is a reflection of the local economy, as luxury only booms when the economy is stable and there is rising disposable income available to consumers, luxury purchases are made by consumers when other basic necessities are adequately met.”
The panel discussion which will be moderated by Funke Osae-Brown, publisher, The Luxury Reporter, an online magazine focused on reporting on the global luxury market, features Jennifer Obayuwana, vice president Polo Luxury, Udo Okonjo, CEO, Fine and Country, Bola Balogun, CEO, Glam Brand Agency, Lere Awokoya, marketing manager, Moet Hennessy and Bayo Adesanya, Associate Partner, Business and Advisory Services, Phillips Consulting. Folusho Phillips, Chairman, Phillips Consulting will deliver the keynote address.
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