Households in Asia Pacific are experiencing major structural transformation. The growth in urban concentrated households is resulting in changing consumption patterns, while lifestyle changes are resulting in changing household compositions from family-focused to solo-living dwellings, while some governments provide housing subsidies to first-time buyers. Reduced birth rates and a major increase in ageing populations will also impact economic growth as the workforce declines and public services.
This report comes in PPT.
Lifestyle changes resulting in reduced birth rates and delayed marriages are driving the increase in single-person households. Despite couples with children remaining the dominant household type, single-person households will experience the most significant growth from 2022-2040. Housing and apartment developments and products and services aimed at smaller dwelling types, will continue to see greater demand in the future.
Based on diverse cultures, shifting demographics and economic groups, a range of various consumers are found across Asia Pacific. Urban consumers are expected to support greater consumption demand across the region. Consumers in city centres enjoy higher wages and disposable incomes, translating into higher spending power and greater traction for a wider range of goods and services.
By 2040, Asian Pacific residents aged 60+ will make up the largest cohort of consumers across the region. The ageing senior population poses a major threat to economic growth that few countries are addressing adequately. More retirees means fewer workers and increased pressure on healthcare and the pension system. Reduced consumer spending will impact overall expenditure, challenging businesses and service providers.
Positive outlook for the future as the share of household heads with higher education is set for rapid growth by 2040. This is supported by the increase in internet access to 89% for all households. Government spending on education, increased urbanisation and a growing middle class will all contribute to higher levels of education for households. Higher education for the head of the household will result in higher incomes and greater consumer expenditure.
If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extraction Free!