Asian consumers will account for half of global consumption growth!

Asian consumers are expected to account for half of global consumption growth in the next decade,
equivalent to a $10 trillion opportunity. Globally, one of every two upper-middle-income and above
households is expected to be in Asia, and one of every two consumer transactions is likely to occur in
the region.

An increasing number of people are projected to join the consuming class, defined as spending more
than $11 a day in 2011 purchasing power parity (PPP) terms. In 2000, only 15 percent of Asia’s
population was part of the consuming class; the incomes of the remaining three billion people were still
insufficient to support discretionary spending. However, over the next decade, a significant reversal is
likely. By 2030, three billion people, or 70 percent of Asia’s total population, may be part of the
consuming class.

Members of the consuming class are expected to attain higher income levels than ever before, shifting
the center of gravity of the income pyramid sharply upward and changing consumption patterns. In the
past 20 years, 80 percent of Asia’s consumption growth came from lower income tiers of the consuming
class as new entrants joined. In the next decade, 80 percent of that growth could come from higher-
income consumers.

Read more:
https://www.mckinsey.com/featured-insights/asia-pacific/beyond-income-redrawing-asias-consumer-map?cid=other-eml-alt-mip-mck

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