Kenyan youth who are also struggling with joblessness are spending more than half of their income on personal care to boost their looks.
A study done by Geopoll last month shows that the youth in Kenya between the age of 18-35 spend at least 55 per cent of their income to enhance their looks.
This means that the cosmetic, beauty and fashion industries are major beneficiaries and those looking for investment opportunities have a large market.
It is most likely that these spending on image was largely driven by women even-though the study did not specify.
They spend about 26 percent of their income on investments, five percent on gambling and six percent on entertainment.
This also shows that the youth are being driven by the image is everything mantra which is inturn reducing their ability to invest in their own future.
Investing in education
The research shows that Nigerian youth are investing more in their education followed by Ghana then Kenya.
Gambling has taken the country by storm with entry of several betting companies who are targeting the youth with online betting platforms.
The study shows that most of the youth lack knowledge on proper investments vehicles available in the market and hence do not know where to put their money.
Purchase a car
They also plan to save for building a home, to purchase a car and to travel.
The poll was conducted in Nigeria, Ghana, Uganda, South Africa and Kenya, Sub Saharan Africa’s economy’s on the radar of most investors. More than half of those interviewed were employed while about 30 per cent were being supported by their guardians.
The poll was done to help investors plan on where to invest and which markets to target especially for those companies targeting multiple countries in Africa.
The continents has the highest youth population in the world and hence such data provides an important spending segment of the African continent.