In 2020, there were five U.S. entries among the cities with the biggest consumer spending in the world. By 2040, this will have risen to six with the addition of Dallas, a release by World Data Lab shows.
At the same time, as Statista's Katharina Buchholz reports, the other regions in the top 10 have been diversifying, with Japan losing ground and China gaining some, the numbers show.
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Beyond the top 10, the U.S. has seen another city rising in the ranking. Houston is projected to climb to rank 12 in 2040, up from rank 14 in 2000.
Washington D.C., Phoenix and Seattle are also among the top 20.
While America’s major metropolises are keeping their top spots, the ranking exemplifies the growing power of U.S. Sun Belt cities which have been attracting residents with favorable climate and lower cost of living.
Based on a relatively strong economy, consumer spending in the United States has persisted even through recent crises like the Covid-19 pandemic and strong inflation. Americans tend to save less and are among the biggest users of credit worldwide, which might not be sustainable but still ups spending. Additionally, richer Americans can still benefit from their pandemic savings and locked-in ultra-low mortgage rates. U.S. consumer spending is relying more and more on these rich or very rich individuals, the Wall Street Journal reports, which the U.S. has a lot of.
The report analyzes more than 6,000 cities on all continents. It found that 83% of new consumer spending until 2040 will be urban in nature. While the top 100 highest-spending cities are expected to grow in consumer class population by 2.4% annually until that date, consumer spending in them will grow by 4.5% every year, outperforming other urban populations around the globe as large cities continue to attract wealthy individuals and function as spending hubs.
