This EIU and Mintel report showcases some initial results from our collaboration, looking at household spending trends in the five major emerging markets of China, India, Mexico, South Africa and Turkey, and contrasting those with the developed US and UK markets, to help companies set an appropriate expectation when setting targets and budgeting.
- The food service market is enormous in the US, and increasingly sizeable in China, where business spending on catering is high
- China will lead the growth in clothing market, but it will also be noticeable in India and South Africa
- The greatest growth in beauty and personal care will come from Turkey and India
- Prices are crucial, but not the only consideration in the emerging market
- Focusing on health benefits is a powerful way to drive sales, and it is particularly true in emerging markets where malnutrition remains a live issue
- Innovations drive markets
- Income convergence and increasingly westernised tastes, consumer priorities still differ, sometimes dramatically.