Consumer spending, long a driver of the global economy, is undergoing sweeping change. Whether it’s housing for millennials or health care for baby boomers, a significant shift in the way people spend money is underway in both advanced economies and the developing world.
In China, Spending Is a Family Affair
Never underestimate the power of the Chinese consumer. Despite a relatively sluggish economy, the Chinese are expected to spend $3.6 trillion this year. They’re not just filling the basket with consumer staples — for some, shopping is about the experience. Going to the movies and taking family trips abroad have become part of the Chinese life.
India Emerges as a Massive Market
India has become one of the most important components of the global economy. As an economic powerhouse, India may just be getting started though. The country still lags much of the world in households that own durable goods, but modernization is progressing at a relatively rapid rate in terms of personal consumption and modernizing infrastructure.
Millennials: Aren’t They About Ready to Start Buying … Everything?
Battered by the Great Recession, the biggest generation in U.S. history has put off getting married, having kids and buying a car, much less a house. But those days may be coming to an end. What’s more, millennials are embracing a collaborative and disruptive approach to consumption.
Get the Whole Story
Learn more about the changing face of the global consumer and what it could mean for investors in this edition of The Long View.