In this exclusive video, Peter Ayton, global consumer analyst at Mintel, said consumers will look towards the occasional low-cost treat having grown tired of watching their spending.
Ayton also discussed the impact the findings would have for food and drink manufacturers, how firms can exploit the growth within emerging markets and whether consumers would prefer branded or own-label products.
Convergence with divergence
The new report, Convergence with Divergence: Consumer spending priorities in fast-growing emerging markets, analyses how increased household spending in emerging markets, including China, Mexico, Turkey, India and South Africa would change in comparison to the UK and US markets over the next three years.
The findings of the paper revealed that consumer spending would be driven by increased affluence in five emerging markets, which is expected to grow between 7.7% and 15.2% a year between 2013 and 2016.
The report was written by Ayton and Jon Copestake, chief consumer goods analyst at the EIU.