Leading Consumer Market in the World: Global Prospects of Bangladesh

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According to HSBC Global Research’s own demographic database, Bangladesh is predicted to surpass the United Kingdom and Germany to become the world’s ninth-largest consumer market by 2030. According to the analysis, Bangladesh would have the fastest increase in its consumer market, that is, the population earning more than $20 per day in constant PPP dollars, in the current decade. When it comes down to it, we’re all consumers. From grocery shopping to purchasing a vehicle or a home, we all buy some service or commodity virtually every day. Some of us are also sellers of these consumer goods and services. Others purchase and sell items and services for two more global markets: corporations and government bodies. The consumer market is made up of individuals who are end consumers and do not resell the product or service. Bangladesh has a population of more than 163 million people while having a geographical area of barely more than 56 thousand square kilometres. In general, it is a massive consumer market.

Consumer markets are very essential due to the fact that the vast majority of purchases made by consumers take place inside these marketplaces. Consumers may be targeted by businesses based on a variety of criteria, including demographics, behaviour, and geographic location, among other factors. Companies have the opportunity to produce more successful marketing efforts and boost their overall profitability if they have an awareness of the specific qualities of the customers that buy from them. In addition, customers are what make up the consumer market, and they are the ones that continue to buy items and services. Businesses are able to thrive as a direct consequence of it, which leads to overall economic expansion throughout the nation. The importance of such an occurrence shows that Bangladesh, as a growing nation, is on a steady route with the ability to have a substantial effect on the global market. Most significantly, these expanding markets in Bangladesh provide a huge opportunity not just for Bangladesh but also for the developing partners that Bangladesh works with. Foreign institutions have the opportunity to cultivate a greater economic brotherhood with Bangladesh if they increase their level of investment there. This is a boon for Bangladesh.

The Bangladeshi consumer market, consumer credit, and personal savings are all growing at a rapid clip

Bangladesh’s economy has been expanding consistently during the last several years. The country’s GDP has grown by 6.15 percent per year on average from the year 2000, despite a growing population of 16.5 crore. Insurance, photography and computer equipment, imputed renting and housing, package trips and recreational products, automobile purchase, and financial services are seeing significant development in Bangladesh, the HSBC report said. In research published this month, HSBC Global Research predicted that Bangladesh’s consumer market will expand by more than 7% yearly from 2021 to 2030. While the country’s proportion of the global middle class was just 0.8% in 2017, analysts predict that by 2030, it will have grown to 1.6%. Data suggests that by 2030, 85 million individuals in Bangladesh would be spending more than $11 each day.

– S. M. Saifee Islam is a Research Associate at the KRF Center for Bangladesh and Global Affairs (CBGA).

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