Where is all the money coming from? why are most African countries still underdeveloped with all these billions in circulation ?
Africans spend an estimated $7 billion on FAKE hair,
Media reports. According to Euromonitor International, people in South Africa, Nigeria and Cameroon alone spend about $1.1 billion on hair care products.
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That includes shampoo, lotions and relaxers.
The
amount of money brought in by fake hair far outpaces that number,
though. Reportedly, the dry hair (aka weaves, wigs and extensions)
industry is estimated to be around $6 billion a year.
As
of 2013, Mintel market research found that the Black hair care industry
was a $684 million market . That estimate wildly inflates to $500
billion if extensions and sales from independent suppliers are included.
The
amount of money brought in by fake hair far outpaces that number,
though. Reportedly, the dry hair (aka weaves, wigs and extensions)
industry is estimated to be around $6 billion a year.
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