This report examines major socio-economic trends like urbanisation and wealth migration, and spending preferences with regards to consumer electronics in households in emerging markets in Asia Pacific. There is a shift in spending priorities away from products for communal content consumption, like televisions, to products like smartphones, designed for individual use
Urbanisation is likely to continue in all emerging markets, but population migration to the largest cities in these markets will slow compared to the review period, as these large urban centres have grown too rapidly, straining infrastructure and limiting employment opportunities for migrants.
While urban population expansion is likely to be the fastest in smaller cities, large metropolitan areas will be in the best position to take advantage of economic development, resulting in faster income growth rates compared to smaller cities and rural areas.
Urbanisation and wealth migration, combined with other factors, like rising female employment, will reshape social and household structures in emerging markets in Asia to resemble those of developed Western markets. This means more but smaller households, with fewer children born to older parents.
With these shifts, spending priorities will continue to shift away from products designed to be used by a group to products geared towards individual use, like smartphones and portable computers, demand for which is expected to grow dynamically over the forecast period.
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