Consumer Spending markets

Where will consumer spending recover the fastest?

A COVID-19 bump in the road to a middle-class world

In 2020, for the first time in half a century, the global consumer class will shrink. Our models estimate that the global consumer class will still reach 5 billion people by 2027. This will make COVID-19 a temporary shock to the global economy and the global consumer class will recover in 2021. The average world citizen, however, will have lost two economic years.

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The impact of total consumer spending is much more severe

Instead of adding $2 trillion in additional consumer spending, the world has been losing $3.3 trillion because of COVID-19, almost the equivalent of total consumer spending in Germany and France combined. The sharpest declines have been in Asia excluding China and Europe with about $1 trillion each. North America will decline by $770 billion, and South America will contract by $300 billion. China, on the other hand, sees a $200 billion increase in total consumer spending. With the pandemic, the shift towards emerging markets has gathered speed. Not all emerging markets are equal, though: China and Egypt will do better than India and Russia, which will do better than Brazil; consumers in Mexico and South Africa are likely to take more than five years to recover.

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Find out more about consumer spending trends on a very granular level and how they will develop in 2021 and impact your corporate strategy including market sizes and product entry-strategies.

MarketPro provides forecasted economic data to identify the markets with the highest recovery potential, especially for the growing middle class. This allows you to concentrate on fast recovering sectors tailored to effectively serve your target regions.

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