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Global Income and Expenditure Trends

October 2022

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.

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This report comes in PPT.

Key findings

Rising poverty and inequality

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

Increasingly conservative household spending

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 will be the most affluent consumers by 2040

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 to become the largest consumer market

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.

Gender gap set to narrow

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.

Key findings
Global income and expenditure snapshot
Key trends in brief
Areas of opportunity
Global income and expenditure in 2021: Summary
Consumer expenditure struggling to recover to pre-pandemic levels
Hotels and catering saw the steepest recovery
Gender pay gap is narrowing, albeit only slowly
Consumer expenditure gradually recovering across most markets
Rising cost of living curtails spending capacity
Increasing savings in the face of economic uncertainty
Slowdown in global income growth over the period to 2040
Gen Z set on the highest income growth through to 2040
Young consumers to see highest growth in the top income band
Strengthening middle class in the developing world
Education, and hotels and catering to see the fastest growth
Top five trends impacting economies, companies and consumers
Rising poverty
Rural consumer renaissance
Increasing consumer frugality
Ageing wealth
Asia Pacific to offer the largest market potential
Key trends in brief
Consumer expenditure
Consumer expenditure by urban/rural split
Consumer expenditure by category
Population by income
Average income by age
Income by gender
Social classes
Wealth and high net worth individuals (HNWIs)


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