Here are the world's biggest shoppers
The world's biggest shoppers are still in the US and Europe.
US household consumption expenditures totaled $11.5 trillion in 2013, followed closely by the European Union at $10.3 trillion. By comparison, China was at $3.4 trillion, Brazil was at $1.4 trillion, and India and Russia both saw around $1.1 trillion.
In total, the combined consumption expenditure of the the BRICs was around $7.1 trillion - less than both the US and the EU.
Consumers in emerging markets are "still nascent in their consumption patterns, including low appetite for credit in places like Mexico and a high propensity to save in places like China," writes KKR's Member and Head of Global Marco and Asset Allocation, Henry H. McVey in a recent report.
"As such, EM consumers are not yet ready to assume the role of the world's most important shoppers in the way that US and European consumers did in the past," he adds.
KKR
- 2 states where home prices are falling because there are too many houses and not enough buyers
- US buys 81 Soviet-era combat aircraft from Russia's ally costing on average less than $20,000 each, report says
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- 9 health benefits of drinking sugarcane juice in summer
- 10 benefits of incorporating almond oil into your daily diet
- From heart health to detoxification: 10 reasons to eat beetroot
- Why did a NASA spacecraft suddenly start talking gibberish after more than 45 years of operation? What fixed it?
- ICICI Bank shares climb nearly 5% after Q4 earnings; mcap soars by ₹36,555.4 crore