Understanding Asia’s Consumer Growth

Asia will be the hub of the global consumer class among the top 30 biggest consumer markets. Today, some 55% or 2.2 billion consumers live in Asia, especially in the world’s largest consumer countries, India and China. Despite the fact that the Indian consumer base is growing by the day, China’s market will continue to dominate the world business market till 2030. 

According to the reports, 52 million Bangladeshis are expected to join the global consumerism class group between the years 2020 and 2030, making a shift in their ranking of 28 to 11 in the world.  Pakistan and the Philippines are also expected to add 60 million and 38 million people, respectively, to the consumer class by 2030, this will cause both the countries to rise to the 7th position in the world. 

The global patterns of consumer class are seeing a shift, while the USA remains at 8th position in the world with 24 million consumers, markets of France, the UK, Spain, and Canada are hardly expanding anymore. Such large economies are being overpowered by economies of developing nations of Asia as well as developed economies like South Korea.