This briefing provides a global perspective of the key trends occurring in cities over 2018 -2023. It goes on to provide forecast data and insights for cities over 2024-2040, covering areas such as the economic, population and consumer spending changes. The briefing also lists and examines the five top trends shaping cities, namely digital and connected cities; accelerating climate action; strategic urban planning; seamless and clean mobility; and cities of the future.
This report comes in PPT.
By 2040, 64% of the world’s population will be living in cities, with developing markets driving most of the urban demographic surge. Notably, Sub-Saharan African cities, like Luanda and Lagos, will record the strongest growth. While this demographic boom will offer business opportunities, it will also raise social and economic challenges in managing the expansion.
The top 10 cities accounted for 10% of global GDP in 2023, with New York, Tokyo, Los Angeles, London and Paris at the forefront in terms of total GDP. This highlights the immense wealth, productive capacity and economic influence concentrated in the world’s largest urban areas.
Developing cities, particularly in emerging Asia, will continue being the frontiers for economic growth, as surging disposable incomes are creating a new urban middle class. As a bigger share of consumer expenditure is devoted to discretionary spending, this will bring more opportunities for domestic and international businesses to capitalise on.
Many urban areas are characterised by ageing populations, with East Asian cities expected to see a particularly strong increase in the elderly population over the forecast period. While this trend will heighten old-age dependency and strain social welfare systems, it also presents opportunities to expand product and service offerings tailored to this demographic segment.
Cities account for most of global energy use and greenhouse gas emissions. This is driving the need for urban areas to become more progressive in their stance on tackling climate change. This includes increasing the use of renewables and energy efficient solutions, andfacilitating cleaner mobility options.
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