LAHORE: A Euromonitor survey on “Top Five Cities for Consumer Expenditure in 2018” has said Karachi and other cities would contribute to rise in total consumer expenditure during 2018.
Karachi was ranked third amongst the top five cities alongside Hefei, Shanghai (China), Ashgabat (Turkmenistan) and Ho Chi Minh City (Vietnam) in terms of total consumer market growth.
According to Euromonitor’s survey, this growth will reflect the projected robust economic growth of Asia Pacific region.
The real GDP growth of Asia Pacific region is projected to be 5.5 percent in 2018, the highest globally. Also, there is hope of solid growth in the cities of these countries listed above.
And from the total of 50 top most growing cities in 2018, 47 are in Asia Pacific region.
Regarding Karachi, Euromonitor said the country’s continuing economic growth driven by the government’s monetary and fiscal stimulus would provide support in consumer expenditure growth in the city.
The survey highlighted what set Karachi apart from other cities is the pivotal role of demographics that has fueled the rise in its consumer market.
It added during 2012 to 2017, Karachi’s population rose by 22 percent which was the highest amongst the world’s biggest cities to touch 23.9 million.
Euromonitor’s survey said a fast-increasing population provides chances for entities to capture a portion of spending of the city’s rising number of consumers.