Pakistan may become world’s 7th largest consumer market by 2030: report
Asian countries are expected to exhibit the biggest growth of the consumer class among the world’s 30 biggest consumer markets. The consumer class is defined as a group of people who spend more than $11 per day. Currently, 55% of the global consumer class live in Asia.
According to data by research company World Data Lab, published by Brookings Institution, Pakistan will add almost 60 million people to the consumer class by 2030, which cause the country to rise seven spots in the ranking of the world’s biggest consumer markets.
Under current projections, Pakistan will add 56 million new consumers by 2030, for a total of 121 million. This means that in 2030, for the first time, every other Pakistani will be able to spend more than $11 per day.
On the other hand, the 52 million Bangladeshis joining the consumer class by the same year will make their home country rise quickly in the list of the biggest consumer markets, catapulting it from rank 28 into rank 11.
Philippines will add almost 38 million people to the consumer class by 2030, rising 7 spots to reach 13th rank in the list of the world’s biggest consumer markets.
The data also predicts that Vietnam will go from 26th position to 19th position.
Almost 76 million Indonesians will join the so-called consumer class between the years 2020 and 2030. This will cause Indonesia to become the fourth biggest consumer market in the world behind the giants of the field – China, India and the United States.
Everyone is familiar with consumer class growth in China and India. In Europe and North America, the numbers in the consumer class will stagnate and growth will come about only because households will become richer.