In this piece, we will take a look at the five countries with the highest consumer spending in the world. If you want to learn more about the recent trends in consumer spending in the U.S. and abroad, then read 20 Countries with the Highest Consumer Spending in the World.
5. United Kingdom of Great Britain and Northern Ireland
Final Consumption Expenditure in 2022: $2.5 trillion
The U.K. is another prosperous European country. It has played a crucial role in global politics for centuries, and the country’s status as a former colonial power and a major player in the second world war has allowed it to maintain a sizeable role in modern day international affairs. The British economy is worth $3.4 trillion, and recently it has been flirting with the idea of interest rate cuts as inflation starts to ease.
4. Federal Republic of Germany
Final Consumption Expenditure in 2022: $2.9 trillion
Germany is the most prosperous country in Europe and also the largest European economy. Its GDP is dominated by the manufacturing sector, which has struggled in the post Ukraine invasion era due to a reworking of the German energy supply chain which had come to excessively rely on cheap Russian gas for its output. The German economy is worth $4.5 trillion and the GDP per capita is $54,291.
3. Japan
Final Consumption Expenditure in 2022: $3.2 trillion
Japan is another global power and a major player in the international economy. It is also one of the most technologically advanced nations in the world and one of the few countries that are capable of launching payloads into space. While the Japanese space sector is yet to launch crewed missions, recent statements by NASA Administrator Bill Nelson indicate that Japan plans to develop a significant partnership with the U.S. for lunar exploration under the space agency’s Artemis program.
2. People’s Republic of China
Final Consumption Expenditure in 2022: $9.5 trillion
The People’s Republic of China, or just China, is the world’s second most populous country and the second biggest economy in nominal terms. The fact that its consumption expenditure sits at $9.5 trillion is unsurprising given that the Chinese economy is worth a whopping $18.5 trillion. However, the sharp difference between the two figures also shows the extent of state involvement in the Chinese economy, which is unsurprising given how major sectors such as engineering are often dominated by the government.
1. United States of America
Final Consumption Expenditure in 2022: $21 trillion
Topping our list of the world’s highest consumer spenders is the United States of America. America’s $28 trillion economy is the biggest in the world, and consumer spending accounts for a higher portion of this since the American economic structure is different from the Chinese economic structure.
Disclosure: None. You can also take a look at the 16 Best Dividend Stocks of All Time and Top 15 Cities Where Gen Z is Moving in the US.
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