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[IWS] IFC: GLOBAL CONSUMPTION DATABASE [13 May 2014]
IWS Documented News Service
Institute for Workplace Studies-----------------Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
16 East 34th Street, 4th floor--------------------Stuart Basefsky
New York, NY 10016 -------------------------------Director, IWS News Bureau
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International Finance Corporation (IFC)
International Finance Corporation (IFC)
GLOBAL CONSUMPTION DATABASE [13 May 2014]
The Global Consumption Database is a one-stop source of data on household consumption patterns in developing countries. It is designed to serve a wide range of users—from researchers seeking data for analytical studies to businesses seeking a better understanding of the markets into which they are expanding or those they are already serving.
Press Release 13 May 2014
IFC Launches World’s Largest Database on Low-Income Consumers in Developing Countries
Washington, D.C., May 13, 2014—IFC, a member of the World Bank Group, today launched the world’s most comprehensive database on consumer spending patterns in developing countries—a tool to help private sector companies identify business opportunities that can benefit low-income people in developing countries.
The Global Consumption Database, launched in cooperation with the World Bank, is based on government surveys of more than 1 million households in more than 90 countries. It is available at http://datatopics.worldbank.org/consumption and can help companies discover untapped demand and design market research to evaluate business opportunities.
“By making data on spending freely available in a form that is useful to the private sector, we aim to lower the up-front cost of exploring inclusive business opportunities—reducing a critical barrier to investment and promoting shared prosperity,” said Jin-Yong Cai, IFC Executive Vice President and CEO.
IFC has a track record in investing in companies that provide access to affordable goods and services by including low-income consumers, retailers, suppliers, and distributors in their value chains. Since 2005 it has invested more than $9.5 billion in debt and equity in more than 400 emerging-market companies that have adopted inclusive business models (www.ifc.org/inclusivebusiness)
The database indicates how up to 4.5 billion low-income consumers spend their money. For example, they spend $2.3 trillion on food; $508 billion on housing; $405 billion on clothing, footwear and personal care; $317 billion on energy; $298 billion on transport; $243 billion on health; and $193 billion on education. In all, these consumers represent a $5 trillion market in developing countries.
Consumption data is available by country, rural, or urban location, spending levels (lowest, low, middle, and higher), and industry sector. For larger countries (Brazil, India, and South Africa), the dataset provides information by state or province.
The database was launched at the Shared Value Initiative Leadership Summit in New York, where leaders from the private sector, civil society, and government organizations shared experiences in creating shared value between business and society.
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in more than 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and promote shared prosperity. In FY13, our investments climbed to an all-time high of nearly $25 billion, leveraging the power of the private sector to create jobs and tackle the world’s most pressing development challenges. For more information, visit www.ifc.org
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