Emerging shoppers

In the next few years, the consumer class in Asia is expected to grow significantly. A ‘consumer’ is defined as a person spending at least USD 12 per day. The growth will most likely be driven by rising incomes, urbanization, digitalization and in some countries by population growth. As more people in Asia move into cities and see their incomes rise, they will have more disposable income to spend on consumer goods. This, in turn, will drive demand for a wide range of products and services, from clothing and electronics to travel and entertainment. Despite a declining total population, China’s consumer class is forecast to expand 15% from 2024 to 2030 as millions of people are lifted out of poverty. India is forecast to produce the largest absolute number of new consumers.

Source: World Data Lab, February 2024.