Data tracker: Future consumers

By 2030, the global consumer universe is set to look dramatically different from the one we have today. Technology, urbanisation and economics will drive behavioural changes and open up new channels of access for consumers and brands. A study by Euromonitor International (The future consumer: Households by 2030) lays out the landscape

Single-person households will become a major consumption group  

• Over 2016–2030, single-person households will see faster growth than any other household type globally, 120 million new single person homes to be added 
• This demographic is being driven by younger singles exchanging relationships for careers and education and the growing widowed and divorced elderly group
• Households with three or more persons are growing slowly, a reflection of the declining birth and fertility rates globally

What is driving single-person households?   

• Young people are focusing prioritising academic and career pursuits, many women are delaying having serious relationships and kids
• As life expectancy rises and the number of elderly people swells, there is a growing number of widowed, divorced or otherwise single homes populated by persons aged 65+

More urban households, more consumers of home loans 

• Urbanisation will continue to grow quickly through to 2030, rural households are not contracting, but urban hubs are expanding at a much faster pace; by 2030, some five billion people will be living in 1.7 billion urban households
• Urbanisation will drive demand for home finance; the world’s largest mortgage markets, led by India, will see surging growth rates in mortgaged households to 2030

Educated, digital consumers

• By 2030, the majority of the world’s homes will have unlocked access to services including online video, gaming, gambling, social media, e-commerce, banking, e-health and e-education, among others
• Higher level of connectivity will transform consumption behaviour. One such trend is ‘cocooning’, living a fully domesticated lifestyle by receiving goods and services at home without needing to leave the house. E-commerce, takeaway foods, and home entertainment are winners
• Over 2016–2030, number of homes with household heads with higher education globally will increase by around 100 million
• Improved education will enable more knowledgeable consumption of online banking products