Asian countries are expected to show the strongest consumer class growth among the world’s 30 largest consumer markets.
The consumer class is defined as a group of people who spend more than $ 11 per day.
Currently, 55% of the global consumer class live in Asia. Nearly 76 million Indonesians alone will join the consumer class by 2030.
This will make Indonesia the fourth largest consumer market in the world, behind China, India and the United States. Bangladesh, Pakistan and the Philippines also expect strong growth.
Between the years 2020 and 2030, nearly 76 million Indonesians will join the so-called consumer class, a group of people who spend more than $ 11 (in 2011 PPP dollars) per day. This will make the country the fourth largest consumer market in the world behind the industry giants – China, India and the United States.
Even today, 55% – or 2.2 billion people – of the world class of consumers live in Asia, especially in the world’s two largest consumer markets, India and China. Despite the fact that the growth of the Indian consumer class exceeds that of China, the latter country is expected to remain the largest consumer market in 2030. According to data from research firm World Data Lab, published by Brookings Institution.
Despite the fact that the growth of the Indian consumer class exceeds that of China, the latter country is expected to remain the largest consumer market in 2030.
The 52 million Bangladeshis joining the consumer class in the same year will quickly push their home country up the list of largest consumer markets, catapulting it from 28th to 11th.
Pakistan and the Philippines will respectively add nearly 60 million and nearly 38 million people to the consumer class by 2030, pushing the two countries up seven places in the ranking of the world’s largest consumer markets.
Among the 30 largest consumer markets, Asian countries are expected to post the highest absolute growth in the consumer class over the next few years. While the expanding US consumer class of 24 million people still places it as the 8th largest producer, other established markets like France, UK, Spain or Canada hardly grow any more, which puts them at the bottom of the list. of the world’s largest consumer markets while being overtaken by the markets of developing economies. This also applied to developed economies in Asia, such as South Korea.
What is a circular economy?
The world’s population is expected to reach nearly 9 billion people by 2030, including 3 billion new middle-class consumers. This puts unprecedented pressure on natural resources to meet future consumer demand.
A circular economy is an industrial system that restores or regenerates by intention and by design. It replaces the concept of end of life with restoration, moves towards the use of renewable energies, eliminates the use of toxic chemicals and aims for the elimination of waste through superior design of materials, products, systems and business models.
Nothing that is made in a circular economy becomes waste, moving away from our current linear ‘take-do-dispose’ economy. The potential for innovation, job creation and economic development of the circular economy is enormous: estimates point to a multi-billion dollar opportunity.
The World Economic Forum has worked for several years with the Ellen MacArthur Foundation to accelerate the transition to the circular economy through the MainStream project – an initiative led by the CEO…