Businesses globally are facing changes in consumer markets in the short term, owing to the rising cost of living and increasingly financially cautious consumers. Income and expenditure insights are crucial in identifying how to maintain consumer loyalty and reach increasingly frugal consumers.
This report comes in PPT.
Both poverty and inequality are set to rise over the forecast period, as economic shocks are affecting the lowest income households the most. Businesses will have to adapt to increasing market polarisation
Geopolitical instability and rapidly rising prices of essential goods, such as food, housing and fuels, will lead to increased saving and consumer frugality across most markets over the short-to-medium term.
Millennials are set to be the most affluent generation by 2040, creating consumer demand for higher value goods and services. This generation is concerned with sustainability, grew up with digital technology and is likely to continue working into their retirement, looking for comfort in their homes and meaningful experiences outside of them.
Asia Pacific is set to outperform other global regions in terms of private spending over the period to 2040, becoming the world’s largest consumer market. The region will benefit from rising standards of living and an expanding affluent consumer base, leading to increasing market opportunities.
The gender pay gap is set to continue narrowing in most regions, increasing female influence in consumer markets. While women are already often decision-makers when it comes to household purchases, their rising pay will increase their role in luxury/big ticket item markets as well.
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