Capturing the Growing Demand for Luxury Goods in Nigeria
The luxury retail space in Nigeria has experienced tremendous growth in recent years, with regards to customer patronage and the number of industry players. However, it has been faced with several challenges, such as a complicated business environment, large skills gap and a consistent rise in the cost of business operations.
A survey was carried out between October 2015 and January 2016, to gain a better understanding of the perceptions of the different players in the sector (consumers and retailers). A total of 1,120 consumers took part in the survey. Our survey team interviewed nine retailers representing different categories of luxury goods.
The survey results are presented in this report.