The Global Consumer Class

The current consumer class is estimated at 4 Billion and expected to touch 5 Billion by 2031

In this year (2023) an addition of 113M is expected. Of these 13 countries  would add a minimum of 1 M each , accounting for close to 90% ( 90M)

Country Region Quantum
India South Asia 33
China East Asia 31
Indonesia South-east Asia 5
Bangladesh South Asia 5
Vietnam South-east Asia 4
Pakistan South Asia 3
Philippines South-east Asia 2
Egypt Africa 2
Turkey Southeast Europe 1
Thailand South-east Asia 1
Nigeria Africa 1
Brazil South America 1
Mexico North America 1
Total 90

TAKEAWAYS

  • Clearly India and China are markets that cannot be ignored by those MNCs who are in the volume business (Durables and nondurables).
  • There is not a single country from the developed economies of Europe, USA and Canada.
  • In spite of the rapid globalization, there is a need to account for cultural factors such as tastes and tradition.
  • None of the thirteen countries has any serious growth-related hurdles nor are they affected by geopolitical issues. From an overall population perspective, these countries account for 57% of the current world population.
  • In each of these countries, there is an established manufacturing base as well as a healthy gig economy. This creates a price sensitive market. However, the market for branded goods would prevail as consumers in these countries are exposed to world trends.
  • From a political perspective, except for China none of the others has a controlled economy. Even in China the controls are not major hurdles and are decreasing in time.

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