The Geography of the Global Middle Class: Where they live, how they spend
Democratization of consumption has happened so quickly, that close to two-thirds of the world's population will join the ranks of the 'Global Middle Class' by 2030. The implications on consumer demand and future spending power cannot be overstated.
The reach of and effects of globalization on households and consumers is often under-represented with national statistics. When one begins to dig into the nuances of city economies, outcomes of globalization begin to take form. The growth of 'middle-class consumers' is more pronounced. Furthermore, research indicates that the spending behavior of middle-class consumers is slowly converging over time--meaning middle-class consumer spending in global cities such as Singapore is starting to look more like middle-class consumer spending in cities such as London and Dubai.
The effects of growth in middle-class and convergence in spending behavior, coupled with increasing access to digital payment platforms and expansion of global brands, creates new opportunities for business. Our research, in collaboration with Visa, sheds new light and details on the outlook of the global middle class and implications on the sharing economy, global brands, sectors and city economies.
Head of Consultancy, AmericasEmail