Bangladesh to become 9th largest consumer market by 2030: HSBC

Infographic: TBS

Bangladesh's consumer market will surpass those of the UK and Germany, making it the 9th largest globally.

According to HSBC Global Research "The Flying Dutchman" report titled 'Asia's shoppers in 2030', "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. 

"Bangladesh is expected to see the fastest growth in its consumer market – that is, the population earning more than USD20 per day in constant PPP terms – in the current decade. It is followed by India, the Philippines, Vietnam, and Indonesia. 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 800m consumers by 2030 and 820m by 2040."

According to the report, over the next few decades, the world, and Asia in particular, will undergo significant demographic shifts. 

Asia will become considerably older, wealthier, and households will continue to get smaller. These changes result in significant shifts in spending patterns across Asia. 

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.

HSBC is one of the world's largest banking and financial services organisations, serving customers worldwide from offices in 63 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa.