By Euromonitor International
The trend of global urbanisation is in full swing, with the last 100 years seeing remarkable change in attitudes to city life. In the past, urban living was an infrequent occurrence; for instance, in 1900 only 15% of the globe’s population resided in cities. Nonetheless, changing consumer lifestyles and livelihoods have led to a stark rise in this figure and 2008 marked a historic milestone which saw over half of the world’s population living in urbanised conurbations. The trend sees no end —at least in the medium term —as current projections suggest 60% of the world’s population to be urban by 2030.
Megacities are significant for businesses since they concentrate wealth, income and business opportunities. The adverse externalities they create through excessive pollution or traffic congestion, concurrently fosters urban challenges and opportunities which necessitate innovative solutions to maintain economic appeal. Understanding the economic and demographic composition of megacities, as well as the direction of expected changes can help businesses implement the appropriate business models to achieve future success.
The purpose of the white paper is to offer an overview of the current economic and demographic state of the world’s megacities. The report answers a range of questions: which megacities feature the most affluent economic indicators? which megacities are forecast to lead economic growth? Furthermore, the report examines and pinpoints the key future trends that are set to characterize megacity consumer markets over 2017–2030, touching upon key topics such as ageing and consumer affluence.