Tariffs, geopolitical tensions and climate risks are fuelling market volatility and challenging business operation, profit margins and growth potential. Economic outlook is uncertain, with unstable prices and fractured trade. Managing risks and building resilience are now imperative, while agile pricing actions and innovation are key to unlocking new opportunities. Targeting high-growing emerging markets can boost volume and diversify supply chains.

As consumers grow more cautious, understanding shifts in global income and expenditure is essential for future-focused strategic planning. Businesses must adapt to evolving purchasing power and spending patterns to uncover actionable growth opportunities. With robust income gains anticipated across emerging markets, particularly in Asia, proactive strategies will be crucial.

In 2024, global disposable income per capita growth slowed to 2% in real terms, with a further slowdown expected in 2025. Amidst geopolitical uncertainty and economic turbulence, consumers are becoming increasingly strategic about their spending. By identifying key demand shifts and providing actionable insights, this report equips businesses to serve value-focused consumers, tap into underserved markets, and capitalise on emerging growth opportunities.

Urban markets are undergoing rapid transformation, shaped by demographic shifts, rising incomes, evolving consumer preferences and accelerating digitalisation. This report offers insights and forecasts on economic, demographic and consumer spending trends across global cities over the period to 2040, highlighting emerging growth opportunities, from expanding urban hubs in Asia and Africa to the silver economy in ageing developed markets.

The global economy is set to slow amid higher tariffs, policy uncertainty and persisting trade tensions. Global real GDP growth is expected to ease to 2.9% in 2025-2026, down from 3.2% in 2024. Tariff and trade shocks are likely to affect economies unevenly, with China, the US, and trade-dependent countries more exposed. Global inflation would moderate further due to lower energy prices and weakening demand, though supply disruptions and export diversion could alter price dynamics.

Significant shifts in US policies on tariffs, taxation, spending, regulation, migration, AI/tech, and energy are expected to impact the global economy and key industries like food and drinks, health and beauty, home and tech, travel, and automotive. Trump's policies can undermine global economic growth, affect consumer sentiment, risk higher prices, and disrupt production and distribution network. However, some opportunities will arise as the global supply chain rewires and consumers adapt.

This report highlights key trends in the global industrial sector in 2025. Rising geopolitical tensions and potential trade disruptions are creating more uncertainty for businesses, encouraging further production reshoring efforts. To deal with cost pressures and labour market challenges, companies are expected to invest more in automation and workforce upskilling. AI tools are also forecast to improve in 2025 and start bringing efficiency gains for manufacturers.

The group of major emerging economies, BRICS, has seen a rapid rise in economic power during recent decades. As the group expanded further to include more members in recent years, its growing economic and demographic influence is reshaping global trade, investment and consumer market dynamics. This report explores the implications of BRICS expansion for the global economic and consumer landscapes, highlighting key risks and opportunities for businesses.

Inhalation - one of the most common modes of consumption globally - is undergoing a rapid transformation. This report assesses the significant risks for those companies who fail to address that change and the huge opportunities for those who can leverage science, technology and new substance frontiers to reimagine inhalation’s role in future societies.

In 2025, the global business environment will be shaped by geopolitical tensions, including US protectionism, technological advancements and labour market shifts. As the global market becomes more fragmented, businesses will need to adapt and seize new growth opportunities. This year also marks a key moment for AI adoption, with major companies and governments investing in digital infrastructure, while businesses integrate AI into their daily operations.

Urbanisation is transforming global consumer markets and business landscapes, creating both opportunities and competitive pressures. This report reveals how evolving urban consumer behaviour, rising sustainability demands and digitalisation are reshaping urban economies. Businesses that leverage data-driven insights, technology and innovation can enhance efficiency and resilience, and capture volume growth, adapting their strategies to better serve a diverse, tech-savvy urban population.

Greater defence spending has hit state finances and instability continues to blight the political landscape, but economic freedom is solid. Unemployment is low, but the economy is underperforming peers and inflation remains stubbornly higher than target. High incomes will support the consumer market, but ageing is accelerating and social inequalities persist. Technology is a major contributor to the economy and innovation capacity remains high, but diversity in ICT employment is lacking.

Mature consumers (60+) will be a key driver of consumption, set to comprise 19% of the global population and generate 31% of gross income by 2040. Their spending will more than double in coming decades, fuelled by rising demand for discretionary solutions. Challenging stereotypes, leveraging multi-metric analysis, and embracing needs-based innovation can help businesses unlock lasting opportunities in this expanding segment.

Although economic freedom is challenging and corruption remains problematic, Cambodia’s state finances are sound. Economic momentum will continue to outpace peers, whilst tourism and foreign investment will be growth drivers. In the long term, incomes expansion will be robust, supporting the consumer market, as will a young consumer base, but the large prevalence of lower social classes will limit discretionary spending. Mobile technology adoption has been swift, but 5G rollout has stalled.

Improvements have been observed in economic freedom, helped by stable state finances, but a hereditary monarch undermines democracy. Economic progress has been muted and negatively affected by significant reliance on oil, but inflation remains controlled and foreign investment is solid. Population expansion and a youthful nation will support the consumer market, but the gender gap is substantial. Advanced technologies are a focus for the state, whilst internet and mobile use is high.

Challenges remain for economic freedom and conflicts have severely dented peace, but external help is backing state finances. The economy continues to exhibit strength and, although still high, inflation has fallen, but reliance on agriculture is a key risk. Income inequality is widening and the gender gap is meaningful, but a large children’s cohort will support spending in related items. Whilst mobile usage is growing strongly, internet penetration is low, but e-governance is making progress.

State finances have deteriorated in the short term, but corruption is being addressed effectively and economic freedom is improving. Economic development will outperform peers, but inflation remains stubbornly high and dependence on Russian imports is growing. Poverty has been reduced meaningfully, whilst the populace is expanding and youthful, but rural dwellers remain substantial. Although internet use trails peers, mobile technology adoption is strong and a new AI strategy has been unveiled.

Economic freedom in Myanmar is classed as ‘repressed’, whilst the ongoing civil conflict is considerably reducing peace in the country. The economy is set to significantly underperform peers, as conflict rages on that is exacerbating inflation and negatively impacting trade. Emigration continues to be a challenge, as is increasing food insecurity, but population growth will somewhat support the consumer market. Internet use is below peers, but mobile adoption has resumed its upward trajectory.

Sustainable state finances typify Tanzania and corruption is slowly being tackled, although economic freedom remains challenging and one party continues to dominate politics. Economic performance continues to be solid and inflation is contained, but foreign investment is below potential. Ageing is not a concern, but inequality is substantial and adds to gender disparity. Although internet use is low, mobile adoption is strong, connectivity has improved, and mobile money has gained traction.

Weakness in the rule of law and endemic corruption hinder economic freedom, whilst the budget deficit is widening. Economic progress has been lacklustre owing to oil production cuts, with oil playing a disproportionate role in the economy, but inflation is well contained. As a young and increasingly urban nation, Iraq’s consumer market is ripe for growth, but the dominance of lower social classes could depress incomes. Internet and mobile use is rising, but innovation is the lowest regionally.

External funding could help to steady state finances, but democracy is being eroded and economic freedom is challenging. Inflation is extremely low and foreign investment is on the rise, but the economy faces uncertainty generated by new US policies. As a relatively young nation that is growing, El Salvador’s consumer market is appealing, but the climate impact on the social landscape is meaningful. Internet and mobile use is increasing, whilst attempts are underway to support innovation.

Solid state finances and political stability characterise Côte d’Ivoire, but economic freedom has worsened as has relations with its neighbour. Robust economic performance has been accompanied by relatively low inflation, but the external sector is exposed to commodity price changes. Population growth and rising incomes will support the consumer market, but gender inequality is sizeable. A solid mobile sector has enhanced communications, but internet use is low and innovation needs improvement.

Although Ghana enjoys relative political stability and state finances have improved, corruption is endemic and hinders progress in economic freedom. Whilst inflation continues to hamper the economy and foreign investment is not an economic driver, Ghana’s output performance will be better than peers. The consumer market will be boosted by a growing population and the nation’s youthfulness, but inequality is prevalent. Internet and mobile use is solid, but 5G is yet to be launched commercially.

Although a one-party state creates political stability, corruption remains a major issue and the threat of a sovereign debt default persists. Whilst foreign investment is driving the economy, inflation remains very high and has been exacerbated by currency depreciation. A growing populace and reduction in poverty will support the consumer market, but the rural cohort is substantial. Internet penetration is rising well and 5G has been rolled out, but mobile technology faces challenges.