World Data Lab projects consumer class growth of 107m in 2023 growing to 113m in 2024

World Data Lab projects consumer class growth of 107m in 2023 growing to 113m in 2024

Vienna, Austria – World Data Lab (WDL) has launched its first World Consumer Outlook (WCO), which will provide an overview of the latest consumer spending projections for 2024 through 2030. The WCO will be shared through a WDL-hosted webinar on May 31.

World Data Lab projects that the global consumer class will grow by 113m people next year (stronger than 2023, where we project an additional 103m new consumers); this growth will be driven by Asia. Beyond China and India, there are 12 other markets to watch out for in Asia as they will add more than 1 million to the consumer class next year.  

“We are witnessing robust growth in the global consumer class, with Asia taking the lead. With an estimated increase of 113 million consumers next year, surpassing even the strong projection of 103 million new consumers in 2023, it is evident that the Asian region is the driving force behind this surge.”–  Dr. Homi Karas Chief Economist of World Data Lab

The economy will add 2.3 trillion in consumer spending in 2024:  The addition of 2.3 trillion in consumer spending signifies a substantial expansion of the overall market, +3,3%, much faster than the GDP growth projected by the IMF (+2.2%). This presents businesses with a tremendous opportunity to tap into increased consumer demand and drive revenue growth. 

“There are huge demographic shifts happening now in the worldwide consumer class that are essential for strategic planning. Two examples we’ve never seen before- the highest increase in consumer class headcount will come from the 60+ age group. And the 30-45 age group will actually shrink in Europe before 2030.”– Luis Simoes, Chief Revenue Officer at WDL

The World Consumer Outlook provides the most credible analysis of future consumer spending patterns everywhere in the world. While many organizations emphasize GDP growth, it is important for consumer companies to measure and understand underlying consumption trends. The goal of the WCO is to offer insights into overall consumption patterns in the short, medium, and long term, enabling businesses to adapt their strategies accordingly. It delves into consumer spending based on factors such as demography, geography, and spending capacity.