Bangladesh to Be World’s 9th Largest Market by 2030

Bangladesh will be the ninth largest market in the world by 2030, according to a report by HSBC Global Research.

According to the report published on Wednesday, Bangladesh can expect the fastest growth in the global consumer market in the coming years.

As one of the world’s largest banking and financial services institutions, HSBC Global Research plays a vital role in global communications with specialized knowledge of local markets.

In the report titled “Asia’s Shoppers in 2030” by “The Flying Dutchman” published by HSBC Global Research, there is going to be a “significant demographic change” in the coming decades around the world, especially in Asia. 

As Asia becomes more mature and affluent, the family structure here will also become smaller. This will radically change consumer spending patterns across Asia.

The HSBC Global Research database forecast that Bangladesh’s consumer market will surpass UK’s market by 2030.

According to the report, Asia will gain one of the top positions in the consumer market during this period. Indonesia will surpass Brazil as the fourth-largest consumer market after China, India and the United States. 

As the fastest-growing market, Bangladesh will become the ninth-largest consumer market in the world by 2030, surpassing Germany and the UK.

According to the report, the per capita daily income of the people in Bangladesh will be more than $20 as PPP in this decade. Position of Bangladesh will be after India, Philippines, Vietnam and Indonesia. 

Insurance, photography, computer parts, housing, package holidays, entertainment, vehicle purchase, financial and other services are expected to grow in Bangladesh, the report said.

By 2030, Korea and Japan will see a decline in the overall market. 

HSBC expects China to retain its top position as the largest consumer market by size, with 800 million consumers in 2030 and 820 million in 2040.

Vietnam, Bangladesh and India are expected to see the highest growth in consumer spending this decade._Agencies