Population ageing, urbanisation and rising health risks continue to be major demographic shifts shaping economies and consumer markets. The global population aged 65+ kept expanding in 2020, as lifespans rose, while the number of children aged 0-4 fell, as birth rates declined. Asia Pacific’s urban population hit 2 billion in 2020, while urbanisation in the Middle East and Africa was the fastest in the world. The Coronavirus pandemic has disrupted migration, impacting 2020 and beyond.
Growing live births and rising life expectancy, particularly in developing countries, will continue to drive global population growth, though the pace will decrease. By 2040, nearly 88% of the world’s total population will live in developing and emerging countries, shifting global consumer influence (and spending) away from developed economies.
The world population aged 65+ will reach 1.3 billion, or 15% of the global population by 2040, up from 0.7 billion, or 9% of the total population, in 2020. Longer lifespans will impact consumer profiles in terms of changing preferences and needs, and will fuel age-friendly innovations.
The share of the urban population will increase from 56% of the total in 2020 to 64% by 2040. Urbanisation will be the major driver of consumption and lifestyle trends, due to the higher average purchasing power of urban citizens. The Asia Pacific region will see the strongest rise in the urban population over 2020-2040, followed by the Middle East and Africa.
The singletons population is set to overtake the world’s married population by 2040. Being extremely diverse in consumption, singles present unique challenges and plenty of opportunities for consumer goods and services companies. The highest growth in the singles population over 2020-2040 will be observed in Asia Pacific region.
Amid a rise in health conditions such as obesity, diabetes and hypertension, coupled with the severe impact of COVID-19, governments and consumers will be prioritising preventative health and focusing on achieving holistic wellbeing.
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