Executive Summary
- Asia’s consumer spending is rising, fuelled by rising incomes, low household debt, and easing inflation — unlike affordability trends elsewhere.
- Many Asian consumer companies are expanding pan-Asia and globally and thereby increasing their addressable market.
- A rich pipeline of new consumer public listings is offering an attractive mix of investment opportunities to investors.
Asia continues to be a major driver of global growth, with GDP forecasted to rise by 3.9% in 2025 and 4% in 20261, even amid geopolitical tensions, tariffs, and policy uncertainty. As the region grows more diverse and dynamic, an active investment approach is essential not only to stay in sync with the forces reshaping the region but also to capture the full spectrum of opportunities.
Our 2025 Asian Expert Series, presented via curated chart sets, delves into three such transformative forces (technology-led innovation, consumer-fuelled growth, sustainability-driven progress) and reinforces the rationale for Asia to remain a vital component of investor portfolios.
Consumer-fuelled growth in Asia is being driven by the region’s rising incomes and rapidly expanding middle class. Young, tech-savvy consumers are reshaping demand through digital platforms and social media, while urbanisation and the rise of lower-tier cities are creating new consumption hubs. Put together, they present a dynamic and diverse consumer landscape across Asia.
Consumer boom
Asia will contribute over 80% of the world’s 134 million new consumers in 2025, making the Asian consumer class one of the biggest investment opportunities. By 2030s, 1 out of 2 consumer transactions will take place in Asia.2
Fig. The rise of the Asian consumer
Source: World Data Lab, 2025
Growth drivers
Asia’s consumer spending is being unlocked by higher disposable income, low household debt and falling inflation. As Asians move into and within the consuming class, demand for both essentials and premium goods will rise, offering diverse investment opportunities. Major Asian markets are projected to reach consumer tipping point by 2040.
Fig. Catalysts of consumption
Source: World Data Lab, 2024
Spending patterns
Consumer companies in Asia are experiencing rapid growth, with wider moats, innovative offerings and high return on capital. As consumer behaviour differs by market, investors need an active and localised strategy to unlock value.
Fig. From needs to wellness, spending habits differ across the region
Source: Asian consumer study 2024, Roland Berger survey
Emerging trends
Gen Zs and Millennials will comprise about 50% of Asia-Pacific consumers by 2030, sustaining the region’s working-age population. As such they will be a significant economic force, and their spending habits will reshape investment prospects.
Fig. Mapping the future consumers’ mindset
Source: Eastspring Investments
Active opportunities
New listings in the consumer sector across Asia Pacific are rising, particularly in India and ASEAN, which are offering high growth investment opportunities. Booming e-commerce, rising healthcare demand, and a travel & hospitality revival are driving the IPO momentum. Smart stock selection is key to capturing the upside.
Fig. Asia’s consumer IPO wave (2024)
Source: EY IPO 2024 report
Please look out for our next chart pack on Asia’s sustainability-driven progress and explore our earlier theme – Asia’s technology-led innovation.
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Sources:
1 IMF, April 2025
2 https://www.mckinsey.com/mgi/overview/in-the-news/the-emergence-of-new-consumer-segments-and-implications-for-companies-in-asia-and-thailand
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