Follow Us:
Thursday, May 26, 2022

Consumer spending in China,India to triple by 2020: Report

Consumer spending in emerging market powerhouses China and India is expected to triple by 2020 to a combined $10 trillion a year

Written by Reuters | London |
October 3, 2012 2:02:02 am

Consumer spending in emerging market powerhouses China and India is expected to triple by 2020 to a combined $10 trillion a year,potentially helping to boost economic growth and corporate profits in the developed world,researchers said on Tuesday.

The study by Boston Consulting Group (BCG) is based on a survey of 24,000 consumers as well as interviews with business leaders. The business strategy consultancy predicts consumers in China and India will spend a combined total of $64 trillion on goods and services in the decade leading up to 2020.

Annual spending on consumer goods will be three times the level spent in 2010,according to “The $10 Trillion Prize: Captivating the Newly Affluent in China and India”.

“We are at a turning point in history where relative wealth will shift from the West to China and India,but absolute wealth,including in the West,should increase,” said Michael J. Silverstein,a senior partner at BCG and the book’s co-author.

Best of Express Premium
What makes KuCoin P2P Trading Platform a Good Choice To Buy Crypto?Premium
Airtel Demonstrates Immersive Video Entertainment On 5G; Recreates Kapi...Premium
Is It A Good Idea To Keep One Account For All Your Financial Transactions?Premium
Touching The Sky : SIMS, Pune Alumni On A Path To Make A DifferencePremium

The middle class in the two countries is expected to reach 1 billion by 2020,BCG said,noting that in India,the proportion of middle-class people is expected to grow to 45 percent in 2020 from 28 percent in 2010.

Latest Comment
View All Comments
Post Comment
Read Comments

For all the latest News Archive News, download Indian Express App.

  • Newsguard
  • The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards.
  • Newsguard

Featured Stories

Shah Rukh Khan reveals wife Gauri Khan's rules inside their home Mannat: ...
'Rajiv Kapoor said I may be Raj Kapoor's son but I have nothing': Dalip T...
Shah Rukh Khan says he has TVs worth Rs 30-40 lakh in Mannat, fan reacts,...
Malaika Arora demonstrates three yoga asanas to reduce belly fat; watch
Sunil Dutt 'would feed and clean' Nargis: Daughter Namrata Dutt recalls h...
0 Comment(s) *
* The moderation of comments is automated and not cleared manually by