With the fastest growing market, Bangladesh will become the 9th largest consumer market globally, overtaking Germany and the UK by 2030, HSBC Global Research report shows.
Bangladesh is expected to see the fastest growth in its consumer market in the current decade followed by India, the Philippines, Vietnam and Indonesia.
Korea and Japan will see a drop in the overall market by 2030, said the Hongkong and Shanghai Banking Corporation (HSBC) on Wednesday.
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According to the report, 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.
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 800 million consumers by 2030 and 820 million by 2040.
Vietnam, Bangladesh and India are expected to see the biggest increase in consumer spending in the current decade.
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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.
As one of the world's largest banking and financial services organisations, HSBC combines unparalleled local insights, global connectivity and professional integrity to deliver the best investment opportunities to the clients and HSBC stakeholders through fundamental analysis and thought-provoking ideas. HSBC Global Research plays a key role in this regard.
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.
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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.