Euromonitor International, a research group has predicted that Pakistan’s growing youth and their freewheeling attitude towards rising incomes has turned the country into the world’s fastest growing retail market.
According to Bloomberg, the researchers have predicted that the market will expand to 8.2 percent per annum through 2016 – 2021 since disposable income has doubled since 2010. The size of the middle class in Pakistan is most likely to surpass U.K. and Italy’s forecast period.
Jinnah Institute, an Islamabad-based think tank has estimated that almost two-thirds of the nation’s 207.8million people are aged below 30 years. The country’s improving security environment, economic expansion of nearly 5 per cent and cheap consumer prices are motivating buyers to spend more.
“We have a new millennial shopper at hand. They don’t mind spending to have the kind of lifestyle they would like,” said Shabori Das, senior research analyst at Euromonitor.
“It’s not like the Baby Boomer generation where savings for the future generation was important.”