African brands: a $60bn dilemma
Africa’s brands face losing billions in value as Covid-19 wreaks havoc on the continent’s economies and on consumer buying power, according to an assessment by Brand Finance
In the most telling indication yet of how the Covid-19 pandemic has affected African economies, a new survey shows their top brands could lose $60bn in value. The new Brand Finance Africa ranking paints a picture of nothing short of a bloodbath, with the continent’s most valuable brands together losing up to 12% in this respect.
Says one fast-moving consumer goods marketing director, whose company operates in several African markets: "I think 12% is probably [a conservative estimate] and the loss will most likely be in the high teens when the sums are done again. In many of my markets, some buying has ground to a complete halt and [some] is slowing, as many consumers are now closer to the poverty line than they ever have been."..