The population of Venezuela is predicted to increase by 6.7%, due to changes in net migration and natural change, standing at a total of 30.4 million citizens by 2040. Venezuela’s birth rate is expected to fall between 2024 and 2040. Demographic changes, economic conditions and social trends are all contributing to negative net migration. Mid-Lifers (aged 45-64) will represent the largest portion of the population by 2040.

Relations with the West have deteriorated and corruption remains endemic, whilst the recent presidential election has further eroded democracy. Although still elevated, inflation has retreated and the economy is performing better than peers, but external sector vulnerability remains as oil continues to dominate exports. Urbanisation will create both challenges and opportunities, and poverty continues to rise. Although internet use is solid, the state is increasingly hampering online access.

Insight into income, wealth and expenditure of consumers and households is vital in helping businesses make strategic decisions with regards to which country (or even which region within a country) to enter, which consumer segment to target, which products or services to market, and at which price point. Other factors such as the size and expansion of the middle class and income inequality are also important in helping companies gauge the potential of a country market.

The report examines the economic landscape of Venezuela and provides information on major monetary indicators, foreign trade and government finance. The economy expanded in real terms in 2023, driven by private consumption, government spending, investments. However, global economic slowdown, rising geopolitical tensions and economic fragmentation as well as tight financial conditions pose risks to the country’s economic outlook.

The number of households is set to increase moderately in Venezuela over 2022-2027, with other becoming the dominant household type. In 2022 household spending was affected by inflation, which stood at 197.4% elevating living costs. The fastest household expenditure growth is set to be recorded by single-parent families households. As the urbanisation trend has already peaked in Venezuela, its growth is set to slow down over the forecast period, while migration remains a pressing issue.

Ageing, urbanisation and migration continue to be major factors shaping the global population. The number of seniors around the world kept expanding in 2021 and is expected to grow further in the years to 2040. The number of small children is systematically falling globally due to decreasing fertility rates, later marriages and other factors influencing the change in lifestyles. Containment of the pandemic, gradual lift of the restrictions and political unrest encourage greater mobility and migr

While Latin America’s digital landscape is less well developed than other regions globally, most measures continue to improve, with Coronavirus (COVID-19) also having served to drive the digital landscape development in 2020. With locked-down consumers working and learning at home, as well as shopping and entertaining themselves a lot more in an online environment, they were increasingly turning to digital solutions during the pandemic.