Ageing, urbanisation and migration continue to be major factors shaping global population. The number of seniors around the world kept expanding in 2021 and is expected to grow further up till 2040. The number of small children is systematically falling globally due to decreasing fertility rates, later marriages and other factors influencing the change in lifestyles. Containment of the pandemics, gradual lift of the restrictions and political unrest encourage higher mobility and migration of pe
Global population is expected to continue growing over the next decades, although the pace of growth will slow. The Middle East and Africa, and Asia Pacific regions will dominate population growth over 2021-2040. 88% of the global population is set to be concentrated in developing countries by 2040, shifting global consumer influence away from developed countries.
Urbanisation will be the major driver of consumption and lifestyle trends, due to the higher average purchasing power and concentration of urban citizens. Among the fastest growing cities globally are forecast to be Luanda in Angola and Dar es Salaam in Tanzania, both of which will become megacities by 2040. However, fast-growing cities will face numerous challenges related to housing, sanitation, infrastructure and pollution.
The global COVID-19 pandemic and consequent economic downturn has exacerbated the decline in birth rates. While this may be good news for the environment, low fertility rates could dampen economic growth due to labour shortages, weaker consumer demand and lower productivity.
Population ageing challenges are expected to persist globally. The sheer growth of the population aged 65+, coupled with low birth rates, will challenge the social welfare systems of global economies. At the same time, however, there will be opportunities to provide tailored products and services for the elderly in areas such as healthcare and leisure.
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