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
Innovation Index: Are You Prepared to Shift from Survival to Growth?
Oxford Economics and NTT Data fielded a survey of 1,000 North American business and IT executives in 2022 to uncover future strategies to mitigate disruption.Find Out More
Reinventing for growth in a changing media landscape
Oxford Economics partnered with Accenture to survey 6,000 consumers around the world about their media and entertainment habits, experiences, and preferences.Find Out More
PepsiCo’s Racial Equality Journey: An Analysis of its Economic Impacts
Oxford Economics was commissioned by PepsiCo to quantify the socioeconomic gains of their Racial Equality Journey initiative and conduct a survey of 500 US-based executives about their corporate diversity goals and plans.Find Out More