Ranked: Top 10 Countries by Consumer Expenditure
Consumer expenditure gauges the level of demand for goods and services in a country making it a key indicator of size and the potential of a country market.
In 2016, global real growth in consumer expenditure stagnated at 2.7% year-on-year, as growth in developed markets decelerated to 2.2% from 2.6% in 2015 as a result of dampened consumer confidence and greater uncertainties. In emerging and developing markets, consumer expenditure growth strengthened to 3.5% in 2016, from 2.9% a year earlier.
|United Kingdom||USD million||1,604,569.4|
Euromonitor International’s extensive data on income and expenditure goes beyond total spending to include detailed breakdowns by location, income, household size, age and economic status of the household head as well as type and tenure of households. Learn more about the top three countries with the highest consumer expenditure in more detail below:
- The USA features the highest levels of per household disposable income and expenditure. High income levels boost the capacity for discretionary spending of US households, although the country’s income gap remains large and continues to rise.
- In the USA in 2016, those between the ages of 50-54 accounted for the largest proportion of persons with an annual gross income over US$150,000. By 2030, Americans age 65+ will become the largest group amongst the top income earners, requiring companies to adjust their offerings to meet the evolving demands of this important consumer group
- During 2011-2016, the growth rates of China’s per capita disposable incomeand expenditure were amongst the highest in the world, which supports a rise in middle-class households and consumer market expansion.
- The population aged 41-52 accounted for the largest share of the country’s total gross income in 2016, due to both the size of this age cohort and their relatively high average gross income
- The subdued performance of the Japanese economy over 2011-2016 weighed on growth of per capita gross income and spending in the country. Economic factors, coupled with Japan’s ageing population and changing consumer lifestyles, will have far-reaching implications for the performance of the country’s consumer market over the long run.
- Japanese consumers place a lot of stress on quality products and therefore are willing to pay more for value-added goods and services. However, the recent weak performance of the Japanese economy, coupled with evolving preferences and the eruption of e-commerce, is prompting a growing number of consumers to focus more on price in their purchasing decisions.
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Category definition: Consumer expenditure comprises of personal expenditure on goods – durable, semi-durable and non-durable as well as services on the domestic market, including imputed rent of owner-occupied dwellings, administrative costs of general insurance and superannuation schemes.
In the domestic market, consumption expenditure is equal to consumer expenditure by resident households plus direct purchases in the domestic market by non-resident households and minus direct purchases abroad by resident households.