In our recent webinar, we delved deep into the intricate patterns of worldwide consumer behaviour and category spending. We’ve highlighted the top five essential foresights that we believe will shape global consumer trends in the coming years.
A Consistent Rise in Worldwide Consumer Demand:
Our data projects a steady growth in worldwide consumer demand at a CAGR (Compound Annual Growth Rate) of 4.9% to 2030. Specifically, there’s an anticipated rise of 4.8% in 2024. This uptick hints at an expanding global marketplace, presenting numerous opportunities for businesses worldwide but as we have also shown, the mechanics driving this across the globe are a real mix – it is not a case of ‘one size fits all.’
The Income Influence:
The surge in income across various demographics has a profound effect on consumer behaviour. Our research indicates that the income rise effect is twice as influential as the increase in population or headcount. As people earn more, they spend more, emphasizing the need for businesses to target higher-income brackets.
Key Growth Demographics and Regions:
Three specific segments are paramount for business growth: the affluent consumer class, individuals older than 45 years, and consumers from three powerhouse countries – the USA, China, and India. Tapping into these segments will be crucial for businesses looking to secure their market positions in the next decade.
In the food and non-alcoholic beverage category, China will overtake the USA in 2025. The movements behind this, however, may be more significant and certainly more dynamic. Nigeria, India, Indonesia and Bangladesh will contribute nearly $500bn in increased spending by 2030, more than China. It is these pockets of growth that are becoming ever more important.
Dominant Spending Sectors:
Housing, Food, Transport, Culture, and Health account for almost 70% of total global spending. These sectors are not just essentials but also represent areas where consumer needs and desires are most fervent. Understanding consumer patterns in these domains will be key to driving business success.
Categories to Watch Out For:
Based on our research, five sectors will outshine the rest in 2024: Health, Transport, Communications, Restaurants, and Alcohol. Additionally, heading towards 2030, four categories are set to accelerate growth rates, notably: Health, Culture, Furnishings, and Clothing. Companies operating in or considering diversifying into these sectors should take note of these promising prospects.
Did you miss our in-depth webinar on these fascinating insights?
Pre-register now to get exclusive access to the webinar recording and stay ahead in understanding global consumer trends.