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.
"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.
- AAP to contest elections in Uttar Pradesh, Uttarakhand, Goa, Punjab, Himachal Pradesh and Gujarat in 2022, says Arvind Kejriwal
- Top 10 business investment options in Dubai for India's best minds
- India needs to add massive amount of solar and wind power capacity this year to meet its first target
- Itel to launch smartphone with bigger display and dual security for ₹6000 on February 1
- Elon Musk announces major redesigns for Tesla Model S