Describing Bangladesh as fastest-growing market, HSBC Global Research report has showed that Bangladesh will become the ninth largest consumer market globally, overtaking Germany and the UK by 2030.
“Bangladesh is expected to see the fastest growth in its consumer market in the current decade. It is followed by India, the Philippines, Vietnam, and Indonesia,” according to HSBC Global Research ‘The Flying Dutchman’ report titled ‘Asia’s shoppers in 2030’.
The proprietary demographic database of HSBC Global Research shows that Bangladesh’s consumer market will be bigger than the UK in 2030.
According to 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.”
Vietnam, Bangladesh and India are expected to see the biggest increase in consumer spending in the current decade.
“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,” said the Hongkong and Shanghai Banking Corporation (HSBC) on Wednesday.
As one of the world's largest banking and financial services organisations, HSBC combines unparallelled 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.
The world and Asia in particular, will undergo significant demographic shifts over the next few decades. 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.