Issue Consumption moving from basic goods to luxury goods and services

Summary

The Megatrends 2040 report observes that as disposable incomes grow among new middle-class consumers, their habits change as well. In China and India, consumers are already moving away from basic goods and clothing toward luxury goods and services. These include tourism, cosmetics, restaurants and entertainment, health, sports, education and transport. The report sees this shift as holding major opportunities for a country like Greece, illustrated by a 31% rise in Chinese tourist arrivals in 2019. It adds that growing demand for tourism, culture and health will require more diversified development models in those industries.