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HSBC Global Research plays a key role in this regard, reads a press release.
According to HSBC Global Research ‘The Flying Dutchman’ report titled ‘Asia’s shoppers in 2030’ - over the next few decades, the world, and Asia in particular, will undergo significant demographic shifts.
As for Asia, the region will become considerably older, wealthier, and households will continue to get smaller. These changes result in significant shifts in spending patterns across Asia.
The proprietary demographic database of HSBC Global Research shows that Bangladesh’s consumer market will be bigger than the UK in 2030.
The report states: “Asia will become the dominant player in global consumer markets; Indonesia will overtake Brazil as the fourth-largest consumer market, after China, India, and the US. And the fastest growing market is Bangladesh, which will become the 9th largest consumer market globally, overtaking Germany and the UK by 2030.”
“Bangladesh is expected to see the fastest growth in its consumer market – that is, the population earning more than $20 per day in constant PPP terms – in the current decade. It is followed by India, the Philippines, Vietnam, and Indonesia. Korea and Japan will see a drop in the overall market by 2030e. In terms of size, mainland China is expected to retain its dominant position as being the biggest consumer market in the world with more than 800m consumers by 2030e and 820m by 2040e.”
Vietnam, Bangladesh and India are expected to see the biggest increase in consumer spending in the current decade. The sectors which reflect considerable growth in Bangladesh are – Insurance, photographic and computer equipment, imputed rental and housing, package holidays and recreational items, vehicle purchase, financial services and other services.
