About:
- The Future of Consumption in Fast-Growth Consumer Markets, a project in collaboration with Bain & Company, focuses on the emerging markets that comprise more than 40% of the world’s population.
- After studying China in 2017, for 2018 it turned its attention to India.
Highlights of the report:
- Consumer spending: India is set to become the world's third largest consumer market behind only USA and China by 2030. Consumer spending in India is expected to grow from 1.5 trillion US dollar at present to six trillion US dollar by 2030.
- Middle class: Nearly 80% of households in 2030 will be middle-income, up from about 50% today. The middle class will drive 75% of consumer spending in 2030. Growth of the middle class will lift nearly 25 million households out of poverty.
- Digitally influenced consumption will become the norm. By 2030, more than 40% of all purchases will be highly digitally influenced, up from 20-22% today.
- Over the next decade, consumption in fast-growth consumer markets such as China, India and Southeast Asia will be reshaped by the Fourth Industrial Revolution.
