A status symbol obsessed elite in Nigeria has driven the country to become one of the fastest growing markets in the world for Champagne.
Nigerians spent £38m on Champagne last year, and data analyst Euromonitor forecasts that the country will splash out £68m on Champagne in 2017, with consumption in the west African country predicted to reach 1.1m liters by 2017.
Oil barons, hip-hop music and Nigeria’s thriving movie industry, known as Nollywood, are all driving demand for the French fizz.
“Champagne has its own demographic – it’s not even about the middle class, it’s about the elite,” Spiros Malandrakis, senior analyst at Euromonitor, told AFP.
“Nigeria is a very divided society with big sections of the population in the working class, while the elite have the money to spend on really extravagant consumption,” he added.
Prices for Champagne in Nigerian nightclubs can vary widely, with a bottle of Moet & Chandon NV costing around £77, while bottles of Cristal can cost more than £550.
The prestige element of Champagne is an important factor to its allure with Nigeria’s elite, with prestige cuvées proving the most desirable brands.
Read more at the drinks business.