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Saturday, March 23, 2013

Say what?Nigerians spend over N41billion on champagnes




According to a recent report by Euromonitor International, Nigerians spend over N41billion on champagnes annually, making the country the second largest champagne market.

The report indicates that Nigeria is the second fastest growing market in the world for champagne, noting that between 2006 and 2011, it achieved a compound annual growth of 22 percent.Total champagne consumption reached 752,879 bottles (75cl) in 2011, higher than consumption in Russia and Mexico; therefore, placing Nigeria among the top 20 champagne markets in the world.



In 2010, Nigeria consumed about 593,000 bottles, the highest consumption in Africa. The closest to this figure was South Africa, another country that has been identified as anemerging market for luxury goods, in addition to Nigeria. South Africa’s champagne consumption was 384,000 bottles in 2010.

It took the European markets by surprise that Nigeria could rank that high in global champagne consumption. Looking at the list of the markets expected to post the strongest gains in total champagne volumes over 2011-2016, France tops the list followed by United Kingdom. Brazil and China are not missing out so are the United States and the upbeat Australian market.

That's more than the budget of some countries oh.lol

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