Thursday, February 9, 2017

Who Are the Connected Spenders?

Your Business Is Going to Depend on Connected Spenders, So You’d Better Understand Who They Are

Today connected spenders count for about 19% of the global population, and that is projected to grow to 37% by 2025. Cumulatively, over this decade they will spend $260 trillion — 46% of the world’s consumer spending. In markets such as the U.S., where internet access is just shy of 90%, only 36% of the population are currently connected spenders, a number that will grow to over 50% by 2025
~ Harvard Business Review.

Low- and High-Income Consumers Can Be Connected Spenders, Too

Connected Spenders, who will account for 46 percent of the world's consumer spending over the next decade, are defined by two factors. First, and most importantly, they have access to the internet. The ability to participate in the digital economy hinges on this access. Over the next decade, an additional 2.3 billion consumers will gain access to the internet, and nearly all of that growth will come from emerging markets. Second, they believe they have discretionary income. In fact, even the lowest income Connected Spenders participate more frequently and allocate more income to discretionary products than the highest income non-Connected Spenders.

With internet access increasing globally, the number of Connected Spenders will increase dramatically. Over the next decade, the number of Connected Spenders around the world will more than double, from 1.4 billion in 2015 to 3 billion in 2025, rising from approximately 19 percent to 37 percent of global consumers. More importantly, spending by Connected Spenders could grow from about $15 trillion in 2015 (about 35 percent of global consumer spending) to more than $32 trillion in 2025.

Other key findings from the report include:

More than any other consumers, Connected Spenders expect a full omnichannel experience. They use their internet access for a variety of consumer activities, including researching and shopping online, sharing ideas and reviews on social media, and viewing media and advertising.
Emerging markets such as Indonesia, Pakistan and Nigeria will contribute significantly to growth in Connected Spenders due to increased access to the internet.
By 2025, the typical Connected Spender in a mature market will spend nearly $40,000 annually, 10 times the amount of a typical Connected Spender in an emerging market.

Click here to read the full report.

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