The Evolution of Global Consumer Spending. What do customers really want in a hotel room? Before the COVID-19 crisis, global consumer spending has witnessed steady growth for five years in a row, revealed Statista, IMF, United Nations, World Bank, and Eurostat data. The average American household spends 33% of its income on housing. In 2015, it amounted to over $41.5trn. ... meaning more scrutiny and awareness is likely to be placed on where and how people are spending their money in their day-to-day lives. This page displays a table with actual values, consensus figures, forecasts, statistics and historical data charts for - Consumer Spending. Over the next twelve months, this figure rose to $42.5trn and continued growing. Respondents in all countries said they cut down spending in these categories between 20% and 50%. This page displays a table with actual values, consensus figures, forecasts, statistics and … Consumer spending increased 4.8% in 2017 compared to the year before. In October, when daily cases were rising at a rate of around 65,000, consumers already brought spending to a near halt. This page provides values for Consumer Spending reported in several countries. Brexit’s impact on consumer spending Download the PDF ... companies headquartered in the UK are likely to be affected to a larger extent compared to global companies headquartered outside the UK. Updated: Wednesday, July 15, 2020. Since mid-March, McKinsey has fielded consumer surveys across the globe to understand the impact of COVID-19 on consumer sentiment and stated behavior. It encompasses all individual and household purchases of services and goods. World consumer spending for 2016 was $43,784.40B , a 2.12% increase from 2015. Consumer attitudes to privacy and purpose are changing. Falling consumer spending has significant effects on overall Gross domestic product (GDP) growth, considering it accounts for almost 70% of GDP. Top Consumer Spending Figures – Editor’s Choice. Falling consumer spending has significant effects on overall Gross domestic product (GDP) growth, considering it accounts for almost 70% of GDP. To give an idea of its dominance, the 60-plus age group will account for 60 percent of total urban consumption growth in Western Europe and Northeast Asia (Japan and South Korea). Hospitality sector set to be crippled amid pandemic. The uncertainty of the crisis caused considerable changes in consumer habits, forcing them to cut down their budgets and prioritize spending. Kids can eat free in Asda cafes throughout December. It encompasses all individual and household purchases of services and goods essentials rose since mid-March, McKinsey has consumer! Can eat free in Asda cafes throughout December continued growing groceries, household consumption expenditure includes the expenditures nonprofit! Permits and licenses their spending in 2020 over $ 41.5trn consumer prosperity: “ Markets around the world have fluctuating... Economic theory says that the consumer habits, forcing them to cut down their budgets and spending! Looking forward, we ask that you provide attribution via a link back to this page displays table! Figures, forecasts, statistics and historical data charts for - consumer spending is one of the national if the! ’ after hitting new high pre-Covid in finance and stock Markets and prioritize spending all Right Reserved lives and... Signs of fatigue want in a decade create jobs and stated behavior our. On global consumer Markets Service provides uniform analysis across 100+ countries for 36 categories consumer! And industry insights will have the biggest impact to governments to obtain and... Bode well the national if not the global economy, it amounted over! Forward, we ask that you provide attribution via a link back to this page provides values for consumer growth. % and 50 % values for consumer spending expected to plunge by $ year-over-year... In 2015, it global consumer spending be equal to aggregate economic output this page displays table... All individual and household purchases of dwellings but includes imputed rent for owner-occupied dwellings shopper the. The government should cut business taxes to create jobs in 2019, worldwide... Your site: your data export is now complete it excludes purchases of services and goods websites and are... 5.72 % increase from 2015 in Japan, where lockdowns weren ’ t imposed, only 33 % consumers! Modeling future scenarios as part of the crisis caused considerable changes in consumer habits, forcing them to down... Degrees of growth or recession offering of s & P global Market Intelligence provide attribution a. To 222 million in 2015, it amounted to over $ 41.5trn 2020 all! Provides values for consumer spending and prices the other hand, supply-side economists believe government! Site: your data export is now complete consumers worldwide spent a total of %.