TheWorld

Consumer

Outlook2025

TheResilientConsumer

29THMAY,2024

WolfgangFengler

AsmitaDubey

HomiKharas

MichelleMeyer

LuisSimoes

Co-Founder&CEO

ChiefDigital&

Co-Founder&

ChiefEconomist&Head

ChiefRevenueOfficer

WorldDataLab

MarketingOfficer

L’Oréal

ChiefEconomist

WorldDataLab

MastercardEconomics

Institute

WorldDataLab

World

ConsumerOutlook

2025

●Theresilientconsumer

●Gen-Zvs50+Years

●CategoryGrowthForecasts

●Viewsfrom2businessleaders

TheResilientConsumer2025

THECONSUMERCLASS

In2024halfoftheworld’spopulationarenowpartoftheglobalConsumerClass,representinganannualspendof

$57.9TRILLION

(andit’sgrowingeveryday)

RICH:$120+

261MPeople

UPPERMIDDLECLASS:$80-120

301MPeople

CENTRALMIDDLECLASS:$40-80

913MPeople

LOWERMIDDLECLASS:$12-40

2.7BPeople

4.2BILLIONPEOPLE

NominalUSD

TheConsumerClass(>$12/day)accountsfor94%oftotalexpenditure

TotalSpendingandHeadcountbySpendingGroupin2024(Global)

ConsumerClass

PeopleSpending

NominalUSD

2025

World

ConsumerOutlook

20242025Outlook

+128M

+131M

NewConsumers

+$3.1T

(+5.7%)

+$3.2T

(+5.5%)

Spending

NominalUSD

Decomposing2025

SpendingGrowth

2024

2025

ConsumerGrowth

$3.1T

$3.2T

Inflationand

ExchangeRates

$631B

$571B

ConsumersGettingRicher

$1.49T

$1.60T

NewConsumers

$1.00T

$1.02T

NominalUSD

Consumerclassgrowthwillreach+131Min2025

+131M

YearonYearConsumerClassChange

AverageAnnualConsumerGrowth2024-2030

127M

AverageAnnualConsumerGrowth2010-2019

130M

ConsumerClass

ConsumerClassspendinghasbeenrevisedupwardsby+$309B(+0.5%)in2024

UK|-$24B

%Revision|-1.1%

USA|+$506B

%Revision|+2.6%

+$113B

|

Mexico

%Revision|+9.4%

France|-$22B

%Revision|-1.3%

China|-$289B

%Revision|-4.7%

India|+$57B

%Revision|+3.2%

Pakistan|-$9B

%Revision|-4.1%

CountryRevisions

Upwards-71

Downwards-86

Nochange-26

NominalUSD

MostnewconsumerswillbeAsia,withIndialeadingthegrowth

ConsumerClassprojectedheadcountadditionsin2025

LatAm|+7MRestofWorld|+10M RestofAsia|+26M

Africa|+11M

China|+30M

India|+47M

Total|+131M

ConsumerClass

InadditiontoIndiaandChina,therewillbe15marketsaddingmorethan1mconsumersin2025

ConsumerClassGrowth(Millions)

ConsumerClass

IndiawillovertakeChinabeforetheendofthenextdecade

PercentofTotalConsumerClassSpendingbyRegion

Region

China

EuropeIndia

RestofWorld

2017PPPUSD

USA

2009

2020

2038

2042

2045

ChinaovertakesIndia

USAovertakesEurope

IndiaovertakesChina

IndiaovertakesEurope

IndiaovertakesUSA

Affluentconsumers(>$80/day)willrepresent58%ofthespendinggrowth

NewConsumerClassHeadcountin2025

NewConsumerClassSpendingin2025

NominalUSD

Halfofthenewconsumersandspendinggrowthwillcomefromages50andabove

NewConsumerClassHeadcountin2025

NewConsumerClassSpendingin2025

NominalUSD

50svsGenZ

Consumersaged50+willcontinuetogrow,aswillGen-Z

Generations

Ages

PercentageofTotalNominalSpending$

NominalUSD

Gen-Zwillbethelargestgenerationwith2bpeople

Headcount

Generation

Alpha(2013-2025)

BabyBoomers(1946-1964)Gen-X(1965-1980)

Millennials(1981-1996)Gen-Z(1997-2012)

Silent(1928-1945)

Unknown(2026-2038)

Population

Gen-Zwillbetherichestgeneration

PerCapitaSpending($2017PPP)

Age

Generation

Gen-Z

Millennials

Gen-X

BabyBoomersSilent

Time

uuuFuture

Past

$2017PPP

By2034,Gen-Zwillbethemostglobalgeneration

MostDominantGenerationbyCountry(2034)

BabyBoomers

Gen-X

MillennialsGen-Z

NominalUSD

GenZwillgrowrapidly,buttheyarenotalone

WorldSpendingbyGeneration

Generation

Alpha(2013-2025)

BabyBoomers(1946-1964)Gen-X(1965-1980)

Millennials(1981-1996)Gen-Z(1997-2012)

NominalUSD

CategoriesGrowth2025Forecast

Thetypicalspendingbyamemberoftheconsumerclasswillbe$14,022in2025

Alcohol|2.5%|$345Communications|3.4%|$482Clothing|4.6%|$639

Health|6.3%|$879

Restaurants|7.2%|$1,011

Food&Beverages|16%|$2,195

$339|2.4%|Education

$373|2.7%|PersonalCare$558|3.9%|Miscellaneous

$745|5.3%|Furnishings

$916|6.5%|Recreation

$1,988|14%|Transport

$3,553|25%|Housing

NominalUSD

Income,demography,andgeographydrivefuturecategoryspend

SpendingGrowth2024-25

NominalUSD

Accessyour

categoryforecastin

WorldDataPro

KeyTakeaways

1.ConsumerClassspendingwillgrow5.5%in2025.

2.Theconsumerclasswilladd131Mpeoplein2025.

3.In2025,halfofthegrowthwillcomefrompeoplegettingricher,athirdwillcomefromnewconsumers,andtheremainingwillcomefrominflationandexchangerates.

4.Gen-Z:Biggestever,richestever,mostdiverse,butMillennialsandGen-Xwillremainthelargestspendersforthenext20years.