Global consumer expenditure will rebound in 2021 following the downturn in 2020 as a result of the Coronavirus (COVID-19) pandemic. Spending on hotels and catering is forecast to have the fastest real growth. This report will provide key insights from the digital, household, income, expenditure and population perspectives. For example, single-person households will surpass 400 million in 2021; 57.1% of the world population will be online; and one in 10 people will be aged 65+.
This report comes in PPT.
COVID-19 has had significant negative impacts on the older population’s health and wellbeing, raising awareness of global ageing and underlining the need for the global economy and society to adapt. Meanwhile, through the pandemic, older consumers have experienced shifts in their lifestyles and spending behaviour, creating new opportunities for businesses to engage with them.
Lockdown and social distancing are catalysts that have encouraged older adults to embrace technology and digital solutions. During the pandemic, some sectors have benefited from the increased connectivity of older consumers, such as online shopping, digital payments, food delivery and telehealth. Amazon, for example, reported a surge in the number of older customers in 2020.
As older consumers gain confidence in online spending, they are set to drive the growth of e-commerce in the short-to-medium term. This could be a strong trend in some advanced markets, since older consumers will be able to make more discretionary purchases than younger people post-pandemic. In the UK, for example, the average gross income of older consumers is forecast to grow by 4.6% in real terms in 2021, faster than the 4.0% increase expected for those aged 35-44.
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