World Data Lab specializes in creating economic and demographic models that help organizations make data-driven decisions. Our global team of data scientists, economists, demographers, and developers are passionate about combining new data sources with groundbreaking methods to push the frontiers of what is knowable.
We have built granular models of consumer spending for every country in the world. In addition, we have also developed a unified definition and methodology for estimating and forecasting middle class spending power and many other cohorts and market segments, including the spending power and populations size of Millennials, the Lower Middle Class, the Upper Middle Class, and the Wealthy.
Our global middle class spending model estimates and forecasts the complete income spectrum for every country in the world by combining survey microdata and mid-term macroeconomic forecasts from the IMF and IIASA.
In the modeling methodology, we separate the shape and location parameters of income and consumption distributions. Once separated, we can forecast location, keep the shape constant, and forecast similar consumption distributions by age and gender which can then be fit into the constraints of national forecasts. Mean income is fixed to national accounts household expenditure. Countries without survey information are imputed. Imputations are based on GDP, age pyramids, sectoral employment, and education makeup.
Our middle class definition and method draws upon initial groundbreaking work conducted by Dr. Homi Kharas, published in conjunction with the OECD. Our models are updated continuously as refreshed data becomes available.
Data To Work
AND INCOME PROJECTIONS
Market Pro offers access to our global spending model. Users are able to access estimates and forecasts of consumer spending in every country in the world, in real-time. With demographic filtering, multi-country comparison functionality, and full data download capability, Market Pro is a powerful tool for corporate strategists, emerging market analysts, and academic researchers and students.
Reaching Your Goals
We work with clients to find answers to complex problems. Our global team of data scientists are experienced in building custom models as well as integrating clients' proprietary data into our own modeling frameworks.