Euromonitor’s recently released Markets of the Future reports reveal the next eight Sub-Saharan African consumer markets with the brightest growth prospects – Angola, Côte d’Ivoire, Ethiopia, Ghana, Mozambique, Senegal, Tanzania and Uganda. These markets had a combined consumer spending of US$192 billion in 2013 and a combined population of 289 million. Between 2013 and 2030 their GDP will increase by 172% in real terms compared to 150% in Sub-Saharan Africa as a whole.
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Driven by a combination of cost and health considerations, environmental awareness and worsening traffic congestion, bicycle ownership is on the rise. For more and more people, bikes are no longer the poor relation of cars but a greener and smarter transportation choice.
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We release a 2013 update to previously published datagraphic of high income households (defined as household with annual income of at least US$100,000). Over one year, the number of high income households increased by around one million to reach 105 million in 2013, and New York overtook Tokyo as the world's key centre of wealth (mainly as a result of changes in currency exchange rate fluctuations, as numbers are reported in current prices). In fact, the US dominate the top 20 city list of high income households with only seven cities coming from other parts of the world (namely, three cities in Japan, two in Australia and Europe). The geographic concentration of rich households remains astonishing: for example, New York accounts for less than 0.3% of the world's population as of 2013, yet 3.4% of households with an annual income of US$100,000.
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Women’s fragrances have traditionally ruled the market ahead of men’s, including in terms of product availability. However, absolute growth forecasts reveal that emerging markets like Mexico and Argentina will generate more value in men’s fragrances over 2013-2018. This indicates an opportunity for industry players to step up men’s variety, where prospects compare well with those of women’s. Middle Eastern markets, essentially Saudi Arabia and the UAE, will lead in premium unisex fragrances.
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To consumer goods businesses, middle class households are highly important because they drive consumer spending, especially spending on discretionary items (that is, all items except food, non-alcoholic drinks and housing). Although the middle class in emerging markets is celebrated for its rapid expansion, their purchasing power remains low. In 2013, a middle class household spent on average US$6,095 in China and US$3,611 in India, compared to US$83,959 in Australia and US$72,994 in the USA.
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2014 is a year of revived growth for the health and wellness (HW) industry, and attest to personal health and wellness goals being amongst the first to be met after a period of economic uncertainty. Global HW sales saw 6.5% growth over 2013-2014 to reach sales of US$774 billion. Emerging markets are key growth markets. Over the 2014-2019 forecast period they are expected to generate 86% of new sales. Two big movements towards natural and functionality form the core of consumer demand.
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With the very real chance of Scotland voting to leave the United Kingdom and go it alone later this month, how will an independent Scotland measure up? Home to only 7% of UK businesses it will be small – but will it be nimble? Its recent economic growth has not been extraordinary.
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