Morocco is number one in Africa for luxury goods
Morocco has risen to the top of the podium in terms of spending on luxury goods, according to a report published by the Mastercard Economics Institute.
According to the daily Les Inspirations Eco’s edition from January 2, Morocco is the market in the Middle East and Africa with the highest spending on luxury goods. The newspaper cites research done between 2019 and 2022 by the Mastercard Economics Institute. The study found that the Kingdom outperformed the other nations, scoring 71%. Madagascar follows with 70%, followed by Jordan (60%), Senegal (55%) Senegal, Kenya (39%) and Zambia (34%). However, the pattern is the opposite for Qatar.
The study’s observations, which are based on economic indicators, are meant to help business and government leaders. According to a study by the Mastercard Economics Institute, “companies that have built an omnichannel presence are more likely to be more resilient to shocks because they have gone to meet the customer where they choose to source.” It continues, “The analysis suggests that an omnichannel presence could boost retail sales growth by 6 basis points in 2022.”
Due to this presence, restaurants of all sizes were able to avoid losing an additional 31% of their sales during the height of confinement. The same source claims that small omnichannel apparel stores performed better than both online and physical stores, outpacing them by 10% and 26%, respectively.
Furthermore, The Mastercard Economics Institute anticipates a decrease in inflationary pressures in 2023. The expectation is that by the fourth quarter of 2023, the average inflation rate for developed economies will have decreased from 7.1% over a 12-month period in the fourth quarter of 2022 to 3.1% over a 12-month period.