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.
Read the full report.
Our economic consulting and thought leadership teams are world leaders in quantitative economic analysis and original, evidence-based research, working with clients around the globe and across sectors to build models, forecast markets, run extensive surveys, and evaluate interventions using state-of-the art techniques. Lead consultants on this project were:
Oxford Economics’ team is expert at applying advanced economic tools that provide valuable insights into today’s most pressing business, financial, and policy issues. To find out more about our capabilities, contact:
+44 (0)207 803 1415
+44 (0)203910 8077
+1 (646) 503 3068
+1 (646) 503 3048
+65 6829 7198
Experian / Oxford Economics Main Street Report
Experian/Oxford Economics’ Main Street Report brings deep insight into the overall financial well-being of the small-business landscape, as well as provides commentary on what specific trends mean for credit grantors and the small-business community.Find Out More
The Economics of Reduced-Risk Products: Global policy landscape and principles for policy treatment
In this study, Oxford Economics assesses the policy landscape for ‘Reduced-Risk Products’ in the tobacco market, and explores the potential health and economics consequences of taking a precautionary policy stance against them.Find Out More
The Economic Impact of China PNTR Repeal
This study provides rigorous analysis to inform policymakers on the potential impact of an escalation in US-China tariffs. We examine how removing China's Permanent Normalized Trade Relations (PNTR) status would affect the US economy, finding that tariffs would cause substantial output and job losses.Find Out More