Thursday, 25 April 2013

Nigerians spent $59 million on Champagne in 2012

Recent data puts Nigeria among the fastest-growing countries in the world for champagne consumption, spending an estimated $59 million in 2012 on bubbly, according to Euromonitor International research firm.
That number is up from $49 million in 2011, and the firm forecasts that the country will spend some $105 million on fizz in 2017.

Analysts say oil wealth, hip-hop, movie stars and an elite obsessed with status symbols have driven demand.
One Euromonitor analysis using data from about a year and a half ago forecast Nigeria, Africa’s largest oil producer, as having the world’s second-highest growth in new champagne consumption from 2011-2016, trailing only France.

The study showed 849,000 litres in new consumption during that timeframe in Nigeria, Africa’s most populous nation with a huge gap between its rich and poor.

Euromonitor senior analyst Spiros Malandrakis said the figures have since come down somewhat, with projections around 500,000 litres in new consumption from 2012-2017, which would still keep Nigeria in the upper tier.

“It’s among the top markets for the future of champagne,” Malandrakis told AFP.
Malandrakis said one aspect of Nigeria’s markene aspect of Nigeria’s market seemed to set it apart from countries such as China, where champagne producers have banked on an emerging middle class to drive growth.

“In the case of Nigeria as far as I understand, we have a very divided society with big sections of the population in the working class,” he said, while the elite “have the money to spend on really extravagant consumption.”

Oil barons and Nigeria’s movie industry, known as Nollywood, have especially helped drive growth, he said, while hip-hop has also played a role.

US hip-hop stars with global appeal have long promoted their love of bubbly — and Nigeria’s homegrown music scene has toasted it as well.

A hit song from a couple years back — seemingly ubiquitous in Nigeria’s clubs and on the radio — featured the memorable hook: “Pop-pop-pop-pop … pop champagne.”

Prices at clubs can vary widely here, with a standard bottle of Moet & Chandon running around $120, while bottles of Cristal can come in at $900 or more. Store prices tend to be much lower.
 . He said the person buying the champagne was in the oil industry.“It’s like a prestige kind.
                                                                                            culled fromVanguard news.

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