Half of the world’s spending growth will come from Asia over the next decade, but do we really know Asia’s consumers? This kaleidoscope of consumers in this highly diverse regional economy—the fastest growing in the world—offers a $10 trillion consumption growth opportunity between now and 2030. Meet the Asian consumer in this series of charts. (Updated with additional charts on July 28, 2021.)
The consumption map of Asia’s cities is changing
Many companies have rightly focused on the urban consumer in Asia as mass urbanization has stimulated the bulk of consumption growth. Cities still matter. About 80 percent of Asia’s consumption growth is expected to be in urban areas over the next ten years. The largest 250 cities in the region are seen contributing two-thirds of this growth, but of those it is not the top 50 that are growing consumption fastest but the next 200, outpacing the top 50 by 2 percentage points a year.
Today and looking ahead, a granular view of urban growth is no longer only about which cities will experience the fastest consumption growth, but which consumer cohorts within cities are driving that growth. Companies and investors need to understand in detail the changing landscape and consider the “map of growth” for their offerings.
The consumption map of Asia’s cities is changing
Many companies have rightly focused on the urban consumer in Asia as mass urbanization has stimulated the bulk of consumption growth. Cities still matter. About 80 percent of Asia’s consumption growth is expected to be in urban areas over the next ten years. The largest 250 cities in the region are seen contributing two-thirds of this growth, but of those it is not the top 50 that are growing consumption fastest but the next 200, outpacing the top 50 by 2 percentage points a year.
Today and looking ahead, a granular view of urban growth is no longer only about which cities will experience the fastest consumption growth, but which consumer cohorts within cities are driving that growth. Companies and investors need to understand in detail the changing landscape and consider the “map of growth” for their offerings.
Stay tuned for The future of Asia: Consumers series, which will explore major shifts in Asia’s consumer landscape and the implications for your organization.
