The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.
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Learn moreJun 2018
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Income growth in Western Europe overall is the slowest among all regions, but Turkey will see robust 40% growth in per capita income between 2017 and 2030. Rural residents continue to move to cities to find work, although they face rising house prices and rents. Single-person households lead in terms of household types in the region, while couples with children continue to decline. The population in the region is ageing, driving demand for health-related and age-specific goods and services.
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Western Europe now has the highest ratio of working to non-working population in the world, and the old-age dependency ratio is projected to reach 36.0% in 2030. This will not only affect demand for health goods and elderly care services, but it will pose challenges for society as a whole, with those of working age working until later in life, as the pressure on state pensions increases.
Living alone has become a preferred lifestyle choice amongst many consumers, and single-person households were the largest house hold type in Western Europe in 2017. Germany, Norway and Sweden had the greatest proportion of single-person households, primarily a result of higher incomes that give consumers greater financial freedom to choose to live alone. Younger single-person households are inclined to be more socially active and spend more on going out. There is also a large number of elderly widows and widowers who prefer to stay in their own homes. They are typically interested in products that are convenient, offer comfort and support, and are cost-effective.
The urban population in the region is projected to increase by 30.4 million between 2017 to 2030, increasing demand for, and exerting pressure on infrastructure and transport services. More consumers living busy urban lifestyles will result in greater demand for convenience and time savings,influencing choices when shopping, travelling, dining out and spending leisure time.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.