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 moreJan 2018
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Global consumer spending growth will remain static through to 2030, as growth in emerging markets is not expected to rebound to pre-2011 levels while households in developed markets will rein in their spending amid uncertainties. However, there will still be plenty of opportunities for businesses that can adapt to the changing consumer landscape, which features among other things the rise of single-person households, population ageing, urbanisation, and the spending boom in Asia.
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Global real consumer spending growth is expected to stagnate at an average of 2.8% per year over 2018-2030 –a similar average growth for the 2010-2017 period that immediately followed the global financial crisis. Developed markets will see weak consumer expenditure growth, as a result of economic and political uncertainties.
Emerging markets will drive global consumer spending growth and rise in the global ranking of consumer expenditure. By 2030, India will have overtaken Japan, German and the United Kingdom to become the world’s third largest market in total consumer expenditure.
Although consumer spending growth in emerging markets will be stronger than that in developed markets, the spending gap will remain large. In 2030, the average household spending in emerging and developing countries is expected to be 81.4% lower than that in developed countries.
The share of urban consumer spending in global consumer expenditure will decline, due to rising poverty and income inequality in many urban areas, but the fact that urban consumers will account for a greater share of the global population means that cities matter more than ever before.
The number of households occupied by just one person are skyrocketing around the world. In China between 2018 and 2030, total spending by single-person households is set to expand by 230% –the fastest expansion of all types of households –to reach US$1.8 trillion or 13.3% of the country’s total spending in 2030.
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.