European Media and Marketing Survey (EMS) is designed to measure the media and consumption habits of the most affluent consumers and top business decision makers on the planet.
The survey states that about 90 per cent preferred paying more for a well-known brand.
According to the research conducted by EMS Africa survey a part of the global Affluent Survey, there were similarities between affluent classes across the continent.
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The survey also show that about 3.4 million highest earners in the continent follow global trends.
Of the 3.4 million affluent Africans, 67 per cent were males while 40 per cent were women with 59 per cent of the total in possession of a university degree.
“They are well educated, earn relatively high incomes, have embraced digital media and are important consumers of luxury and high end goods,” EMS noted through a statement.
According to the research, the affluent crave for luxury with more than a third having bought luxury products of one kind or another in the past year.
Nathalie Sodeike, managing director at MediaCT Netherlands said that East Africa seemed to be more affluent than West and South Africa.
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“More than nine out of 10 do not mind paying for extra costs in East Africa compared to eight out of 10 in South Africa,” noted Sodeike.
Sodeike added that the affluent were in love with luxury brands with most of them liking certain brands.
“Almost all of them own smart phones with six out of 10 owning digital devices such as laptops and smartphones, they like spending their money on digital brands.”