Market Insights Advertising & Media Advertising

Digital Classifieds - Ghana

Ghana

Ad spending in the Digital Classifieds market in Ghana is forecasted to reach US$8.19m in 2024.
The ad spending is anticipated to display an annual growth rate (CAGR 2024-2029) of 4.10%, leading to a projected market volume of US$10.01m by 2029.
When compared globally, the majority of ad spending will originate from China (US$7,661.00m in 2024).
The average ad spending per internet user in the General classifieds market is projected to be US$0.07 in 2024.
Within the Digital Classifieds market, 50% of total ad spending is expected to be generated through mobile in 2029.
Ghana's digital classifieds sector is experiencing rapid growth, fueled by increasing internet penetration and a rising trend of online advertising.

Key regions: Japan, Australia, Europe, India, Germany

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Analyst Opinion

The Digital Classifieds market in Ghana has been experiencing significant growth and development in recent years.

Customer preferences: Ghanaians are increasingly turning to digital platforms for buying and selling goods and services. This shift in customer preferences can be attributed to the convenience and accessibility offered by online classifieds platforms. With the rise of smartphone penetration in the country, more Ghanaians have access to the internet and are able to utilize digital platforms for their buying and selling needs. Additionally, the younger generation, who are more tech-savvy, are driving the demand for digital classifieds services in Ghana.

Trends in the market: One of the key trends in the Digital Classifieds market in Ghana is the increasing popularity of second-hand goods. Ghanaians are becoming more open to buying used items, as it allows them to save money and find unique products. This trend is particularly evident in the fashion and electronics categories, where consumers are actively searching for pre-owned items at affordable prices. Another trend in the market is the emergence of specialized classifieds platforms. While general classifieds platforms continue to dominate the market, there has been a rise in niche platforms catering to specific industries or interests. These specialized platforms provide a more targeted and tailored experience for both buyers and sellers, leading to increased customer satisfaction and engagement.

Local special circumstances: Ghana has a growing middle class with increasing purchasing power. This has led to a rise in consumer spending and a greater demand for a wide range of products and services. The Digital Classifieds market in Ghana has capitalized on this trend by providing a platform for individuals and businesses to reach a larger audience and sell their products or services more efficiently. Furthermore, the informal sector plays a significant role in Ghana's economy. Many individuals operate small businesses or engage in informal trading activities. Digital classifieds platforms offer an opportunity for these informal businesses to expand their reach and connect with potential customers. This has contributed to the growth of the Digital Classifieds market in Ghana.

Underlying macroeconomic factors: The stable economic growth in Ghana has created a favorable environment for the Digital Classifieds market to thrive. With a growing GDP and increasing disposable income, Ghanaians have more purchasing power and are willing to spend on various goods and services. This economic stability has attracted both local and international investors to the market, leading to increased competition and innovation in the Digital Classifieds sector. Additionally, the government of Ghana has been actively promoting digitalization and e-commerce as part of its economic development agenda. This includes initiatives to improve internet connectivity and infrastructure, as well as providing support for digital entrepreneurship. These efforts have further facilitated the growth of the Digital Classifieds market in Ghana by creating an enabling environment for online transactions and business activities. In conclusion, the Digital Classifieds market in Ghana is experiencing significant growth and development due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. As more Ghanaians embrace digital platforms for buying and selling, the market is expected to continue expanding and evolving in the coming years.

Methodology

Data coverage:

Data encompasses enterprises (B2B). Figures are based on digital classifieds advertising spending and exclude agency commissions, rebates, production costs, and taxes. The market covers digital classifieds advertising fees paid by advertisers to display online jobs, motor, real estate, and general classifieds.

Modeling approach:

Market size is determined by a combined top-down and bottom-up approach. We use market data from industry association reports, third-party reports, and survey results from our primary research (e.g., Consumer Insights Global Survey) to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as GDP, internet users, and digital consumer spending.

Forecasts:

We use a variety of forecasting techniques, depending on the behavior of the market. For instance, the S-curve function is well suited to forecast digital products due to the non-linear growth of technology adoption, whereas exponential trend smoothing (ETS) is more suited for projecting steady growth in traditional advertising markets.

Additional notes:

Data is modeled using current exchange rates. The impacts of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice per year in case market dynamics change.