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.
- OnePlus blames voltage fluctuation after a user reports Nord 2 charger explosion
- Dropbox's billionaire founder Drew Houston says the 40-hour office week is a thing of the past and the pandemic has changed work forever
- Facebook pumping $50 million into its metaverse project is another sign that Zuckerberg doesn’t want to miss the crypto bus
- Buy biodegradable sanitary pads for women in India
- Best baby booster seat in India
- Amazon-backed Capital Float plans to go big in the buy now, pay later segment; raises $50 million
- Where Indians work — seven charts that show you the employment map of the world’s sixth largest economy
- Alibaba, Binance, Sparkpool and other companies are scrambling to avoid any heat from China over crypto concerns