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Megacities in Asia drive category growth
September 18, 2014
By: TOM BRANNA
Editor
The rising economic power of Asia is well documented; not as well known is the growing importance of Asian megacities and their impact on the beauty industry. According to a new study by McKinsey & Company, the world’s top 600 cities (measured by absolute GDP) are expected to drive nearly two-thirds of global economic growth by 2025. Massive urbanization will continue across emerging markets, which will envelope three-quarters of these large cities. It is projected that by 2025, there will be 60 megacities—more than double the current number of urban behemoths—where GDP will exceed $250 billion, accounting for a full one-quarter of global GDP. Out of the 25 largest growth-contributing cities, 21 are located in emerging markets, with a significant number of them in China. This represents a great leap from today’s status quo, in which only 4 of the 25 wealthiest cities are found in the developing world. According to McKinsey, emerging markets accounted for just 14% of beauty sales in 2004. By 2011, emerging markets accounted for 24% of beauty sales and are expected to represent 47% of sales by 2025. Similarly, emerging markets captured just 8% of fashion sales in 2004, but are expected to account for 32% of sales in 2025. Furthermore, the McKinsey study predicts that the top 20 cities for beauty products, based on market size, will be centered in Asia. These cities are: Hong Kong Tokyo London New York Moscow Shanghai Beijing Paris Los Angeles Taipei Singapore Osaka Seoul Chicago Shenzhen Madrid Dallas Milan Dubai Rhein-Ruhr, Germany More info: www.mckinsey.com
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