World Data Lab’s webinar coincided with India overtaking China as the most populous country in the world.
Vienna, Austria, World Data Lab (WDL) recently hosted a webinar titled, “Where is the future consumer market- India or China?”. The webinar, which took place on March 9, 2023, featured Wolfgang Fengler, WDL’s Founder and CEO, Dr. Homi Kharas, Co-Founder and Chief Economist, Luis Simoes, Chief Revenue Officer, and Dr. Resha Sheoraj, VP of Strategic Engagments.
The webinar explored and compared consumer spending trends in India and China, and provided valuable insights to attendees on strategic market entry and development options. World Data Pro’s (WDL’s Platform) new module, Consumer Categories, provided granular breakdowns and projections of spending on product subcategories.
“According to World Data Lab projections, the global consumer class will grow by another 112m people in 2023. For the first time in human history, the global consumer class will exceed 4b people,” says Dr. Homi Kharas, “total consumer spending will increase by another $2.1 trillion, reaching $68.6 trillion ($2017 PPP).”
2023 consumer class growth will be driven by Asia, with the addition of 91 million people and$ 800 billion. China and India are projected to add another 36 million and 31 million new consumers respectively. These new projections represent an upgrade of 26 million (and $1.4t in consumer spending) largely due to China’s easing of COVID restrictions.
“A masterclass as always.” – Stewart Langdon, Leapfrog Investments
The webinar was free to attend. Those who were unable to attend can still view the recording here.