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 population of Croatia is predicted to decline by 9.0%, due to changes in net migration and natural change, standing at a total of 3.5 million citizens by 2040. By 2040, the largest cohort of people will be middle-aged (aged 45-64). Generational cohorts in Croatia will continue to influence consumer expenditure based on their specific purchasing habits and unique demands. Major cities across Croatia will continue to develop and expand, while Zagreb will remain the largest city by 2040.

The population of Canada is predicted to increase by 16.4%, due to changes in net migration and natural change, standing at a total of 48.0 million citizens by 2040. The birth rate in Canada is anticipated to fall. Mid-Lifers (aged 45-64) will represent the largest portion of the population by 2040. Major cities across Canada will continue to develop and expand, while Toronto will be the largest city by 2024.

The population of the UK is predicted to increase by 6.3%, due to changes in net migration and natural change, standing at a total of 73.1 million citizens by 2040. The number of babies born in the UK is expected to fall between 2024 and 2040. Mid-Lifers (aged 45-64) will represent the largest portion of the population by 2040. Generational cohorts will continue to influence consumer expenditure based on their specific purchasing habits and unique demands.

The population of Uruguay is predicted to decline by 2.7%, due to changes in net migration and natural change, standing at a total of 3.3 million citizens by 2040. Demographic changes, economic conditions and social trends are all contributing to negative net migration. Uruguay’s birth rate is expected to fall between 2024 and 2040. The fertility rate will be lower than the average in the region. Mid-Lifers (aged 45-64) will represent the largest portion of the population by 2040.

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.

The population of Portugal is predicted to decline by 3.3%, due to changes in net migration and natural change, standing at a total of 10.3 million citizens by 2040. The birth rate in Portugal is anticipated to increase between 2024 and 2040. Mid-Lifers (aged 45-64) will represent the largest portion of the population by 2040. The ageing population will continue to impact the future consumer market.

The population of Tunisia is predicted to increase by 2.3%, due to changes in net migration and natural change, standing at a total of 12.4 million citizens by 2040. The birth rate in Tunisia is anticipated to fall between 2024 and 2040. By 2040, the largest cohort of people will be middle-aged (aged 45-64). Generational cohorts in Tunisia will continue to influence consumer expenditure based on their specific purchasing habits and unique demands.

The population of Paraguay is predicted to Increase by 16.7%, due to changes in net migration and natural change, standing at a total of 8.1 million citizens by 2040. Demographic changes, economic conditions and social trends are all contributing to negative net migration. The birth rate in Paraguay is anticipated to fall between 2024 and 2040. Middle Youth (aged 30-44) will represent the largest portion of the population by 2040.

The population of Jordan is predicted to increase by 25.3%, due to changes in net migration and natural change, standing at a total of 14.5 million citizens by 2040. The birth rate in Jordan is anticipated to fall between 2024 and 2040. Middle Youth (aged 30-44) will represent the largest portion of the population by 2040. Generational cohorts in Jordan will continue to influence consumer expenditure based on their specific purchasing habits and unique demands.

The population of Honduras is predicted to increase by 24.6%, due to changes in net migration and natural change, standing at a total of 13.5 million citizens by 2040. Demographic changes, economic conditions and social trends are all contributing to negative net migration. The birth rate in Honduras is anticipated to fall between 2024 and 2040. Young Adults (aged 18-29) will represent the largest portion of the population by 2040.

The population of Italy is predicted to decline by 3.5%, due to changes in net migration and natural change, standing at a total of 56.9 million citizens by 2040. Italy’s birth rate is expected to rise between 2024 and 2040. Mid-Lifers (aged 45-64) will represent the largest portion of the population by 2040. Generational cohorts in Italy will continue to influence consumer expenditure based on their specific purchasing habits and unique demands.

The population of Spain is predicted to increase by 3.3%, due to changes in net migration and natural change, standing at a total of 50.2 million citizens by 2040. The birth rate in Spain is anticipated to increase between 2024 and 2040. Mid-Lifers (aged 45-64) will represent the largest portion of the population by 2040. Generational cohorts in Spain will continue to influence consumer expenditure based on their specific purchasing habits and unique demands.

The population of Ireland is predicted to increase by 11.3%, due to changes in net migration and natural change, standing at a total of 5.9 million citizens by 2040. Ireland’s birth rate is expected to rise between 2024 and 2040. Mid-Lifers (aged 45-64) will represent the largest portion of the population by 2040. Generational cohorts in Ireland will continue to influence consumer expenditure based on their specific purchasing habits and unique demands.

The population of the Netherlands is predicted to increase by 6.4%, due to changes in net migration and natural change, standing at a total of 19.1 million citizens by 2040. The number of babies born in the Netherlands is expected to rise between 2024 and 2040. Mid-Lifers (aged 45-64) will represent the largest portion of the population by 2040. Generational cohorts in the Netherlands will continue to influence consumer expenditure based on their specific purchasing habits and unique demands.

The population of Morocco is predicted to increase by 10.7%, due to changes in net migration and natural change, standing at a total of 42.2 million citizens by 2040. Demographic changes, economic conditions and social trends are all contributing to negative net migration. The birth rate in Morocco is anticipated to fall between 2024 and 2040. Middle Youth (aged 30-44) will represent the largest portion of the population by 2040.

The population of Sweden is predicted to Increase by 4.0%, due to changes in net migration and natural change, standing at a total of 11.0 million citizens by 2040. Sweden will have more babies between 2024 and 2040. The fertility rate will be higher than the average in the region. Mid-Lifers (aged 45-64) will represent the largest portion of the population by 2040. The ageing population will continue to impact the future consumer market.

The population of Uganda is predicted to increase by 44.0%, due to changes in net migration and natural change, standing at a total of 72.0 million citizens by 2040. Demographic changes, economic conditions and social trends are all contributing to negative net migration. The birth rate in Uganda is anticipated to fall between 2024 and 2040. Young Adults (aged 18-29) will represent the largest portion of the population by 2040.

The population of Norway is predicted to increase by 8.0%, due to changes in net migration and natural change, standing at a total of 6.0 million citizens by 2040. The birth rate in Norway is anticipated to increase between 2024 and 2040. Mid-Lifers (aged 45-64) will represent the largest portion of the population by 2040. The ageing population will continue to impact the future consumer market.

The population of Switzerland is predicted to increase by 4.1%, due to changes in net migration and natural change, standing at a total of 9.3 million citizens by 2040. The birth rate in Switzerland is anticipated to fall between 2024 and 2040, while the fertility rate will also be below the regional average. Mid-Lifers (aged 45-64) will represent the largest portion of the population by 2040. The ageing population will continue to impact the future consumer market.

The population of Guatemala is predicted to increase by 20.9%, due to changes in net migration and natural change, standing at a total of 22.1 million citizens by 2040. The birth rate in Guatemala is anticipated to fall between 2024 and 2040. Young Adults (aged 18-29) will represent the largest portion of the population by 2040. Generational cohorts in Guatemala will continue to influence consumer expenditure based on their specific purchasing habits and unique demands.

The population of Côte d'Ivoire is predicted to increase by 43.2%, due to changes in net migration and natural change, standing at a total of 45.7 million citizens by 2040. Young adults (aged 18-29) will represent the largest portion of the population by 2040. The birth rate in Côte d'Ivoire is anticipated to fall between 2024 and 2040. Major cities across Côte d'Ivoire will continue to develop and expand, while Abidjan will remain the largest city by 2040.