• We have observed a shift in the power dynamic, with consumers now armed with a wealth of product, pricing and quality information at the press of a button. The onus is now on companies to navigate this shifting landscape.

This group of themes considers the importance of convenience and transparency and the wider implications to the consumer landscape brought about by ageing populations and the impact of urbanization. The consumer spending growth narrative for the next decade is increasingly becoming centered on the emerging consumer, with the proliferation of middle-class cohorts within a host of developing economies.

Emerging Spend

Middle-income cohorts are growing rapidly in emerging markets, with consumer spending shifting towards discretionary segments and branded products. Premiumization provides an opportunity in consumer sub-sectors.


The Covid-19 pandemic and escalation of geopolitical tensions have highlighted supply-chain issues globally and exposed national security vulnerabilities around critical elements of the economy, such as semiconductors, autos, medical supplies and energy. As a result, companies are rethinking their global supply chains and building new and redundant capabilities closer to home, moving from ‘just-in-time’ to ‘just-in-case’ supply chains.
Outer Space, Astronomy, Planet

Ageing Populations

Both developed and emerging populations are ageing at an accelerating rate. Older cohorts are experiencing the highest growth rates of consumer spend, with opportunities in companies aligned to this consumption trend.

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These opinions should not be construed as investment or other advice and are subject to change. This material is for information purposes only. Any reference to a specific security, country or sector should not be construed as a recommendation to buy or sell investments in those countries or sectors. Please note that holdings and positioning are subject to change without notice.