New Delhi, India – World Data Lab’s Wolfgang Fengler was a keynote speaker at the Asia Inclusive Growth Forum (AIGF) in Delhi on August 25, 2023, together with Shri. Amitabh Kant (Sherpa of Indian G20 Presidency) and Guneet Monga (producer of ‘The Elephant Whisperers’). The forum convened over 100 influential business and government leaders, including Michael Miebach, Shamina Singh, and Sunil Mittal.
In his remarks, Dr. Fengler highlighted World Data Lab’s consumer spending projections for 2024, noting that despite multiple global crises, the relentless expansion of the global consumer class will continue. World Data Lab’s recent World Consumer Outlook projects that in 2024, the world will add another 113 million new consumers on top of the existing 4 billion. Asia’s economic and demographic momentum drives this expansion. India is playing a critical role as it is expected to outperform China for the rest of this decade. In 2024, India is projected to add 33 million new consumers, the largest contribution by any country in the world, followed by China’s 31 million.
“By 2030, India will also be the largest young consumer market in the world,” noted Dr Fengler, “which will be more than 350m people strong. India’s more affluent young people will likely play a significant role in shaping global consumer trends, including fashion, food, and film.”
Dr Fengler’s keynote speech was titled “The Asia of Tomorrow in Data”. Its insights build on World Data Lab’s projections and data science modelling. WDL’s approach integrates advanced data science techniques to evaluate spending and demographic shifts on a global scale.
Four million people fall into the poor and vulnerable brackets, while 4 million are middle or upper class.
The middle class is growing rapidly, with four people joining per second, mainly in Asia.
In 2024, over half of Asians will be middle class (spending $12-$120 per day) or rich (more than $120 per day). For the first time in the history of the Asian continent, the consumer class will outnumber the vulnerable and poor.
Asia has been the driver of middle-class growth since 2000 and is now home to the world’s largest consumer market, both in terms of people and spending.
In the next decade, we will experience middle-class dominance globally, with an estimated 5 billion middle-class consumers.
India will add 33 million new consumers to the global aggregate in 2024 – making India the leading driver of consumer class growth.
By 2030, India will be the largest young consumer market.
About World Data Lab
World Data Lab (WDL) is an innovative data analytics organization specializing in providing actionable insights based on comprehensive economic, demographic, and market data. WDL aims to make data-driven decision-making accessible to leaders and organizations around the world, thereby contributing to sustainable and inclusive global development.
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