January 2011

10 things to know about today’s global consumers

1. Though 24 million of America’s 34 million baby-boomers are underfunded for retirement, the total disposable income of households aged 50-69 is on track to grow  21% from 2005- 15

2. The middle class in emerging countries (2.1 billion people, with household incomes from $23,500-$113,000, in purchasing power parity) generated $6.8 trillion in consumer spending in 2008. By 2025, that will be more than $20 trillion – more than in today’s top spending economies (U.S., Japan, Germany, U.K., China and France).

3. Eleven countries account for more than half of the emerging middle classes: China, India, Pakistan, Indonesia, Thailand, Brazil, Mexico, Turkey, Egypt, South Africa and Russia.

4. In some categories, such as electronics (62%) and furniture (54%), the majority of U.S. purchases are researched online. All told, a third of all retail sales have an online component.

5. Half of all German consumers use three or more sources before buying a new phone contract or handset.

6. The world is graying: the median age globally is increasing 2.6 years every decade. China is aging faster than the U.S., due to the one-child policy.

7. More than one out of every nine people (11.7%) is living in a country other than the one they were born in.

8. Cheap chic: Not only do more than half of U.S. consumers rate the experience of shopping in dollar stores better than expected, but 39% are shopping in them more often.

9. Forty percent of global consumers say they have changed their behavior to benefit the environment. Mexico (74%) and Thailand (68%) rate themselves the greenest in this regard; Korea (19%) and Germany (28%) the lowest. Almost half say they are willing to pay a premium of up to 10% for greener goods.

10. A third of Europeans over the age of 55 use the Internet at least once a week; for those aged 16-24, the figure is 88%.

SOURCE: McKinsey research

PHOTO: Flickr/Blatantworld.com