Bangladesh is expected to be the 9th largest consumer market globally by 2030 and it will be bigger than the UK by then, said a report by HSBC Global Research.
The research, "The Flying Dutchman,` in its report titled `Asia`s shoppers in 2030" released the data on Wednesday.
The report said: "Bangladesh is expected to see the fastest growth in its consumer market – that is, the population earning more than $20 per day in constant Purchasing Power Partity (PPP) terms – in the current decade."
Bangladesh will be followed by India, the Philippines, Vietnam, and Indonesia, said a press release of HSBC citing the report. Korea and Japan will see a drop in the overall market by 2030.
In terms of size, mainland China is expected to retain its dominant position as being the biggest consumer market in the world with more than 800 million consumers by 2030 and 820 million by 2040, it added.
The report said over the next few decades, the world, and Asia in particular will undergo significant demographic shifts.
As for Asia, the region will become considerably older, and wealthier, and households will continue to get smaller. These changes result in significant shifts in spending patterns across Asia.
"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. And the fastest growing market is Bangladesh, which will become the 9th largest consumer market globally, overtaking Germany and the UK by 2030."
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