## Demographics and Consumption in Asia Toward 2050

_IMF Working Papers, November 21, 2025_

## Source details

**Canonical URL:** [Demographics and Consumption in Asia Toward 2050](https://www.imf.org/en/publications/wp/issues/2025/11/21/demographics-and-consumption-in-asia-toward-2050-572016)

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## Bibliographic details
- Authors: Sakai Ando, Kaitoh Hidano, Jeongwon Son
- Published: November 21, 2025
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9798229032100.001

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### Research question and methodology
- Research question: What are the implications of demographics on total consumption and its sectoral composition in Asia toward 2050?
- Data and approach:
  - Uses household consumption surveys from seven Asian economies.
  - Uses UN population projections.
  - Focuses on both total consumption and individual consumption categories jointly (noted as scarce in existing literature).

### Key findings
- Compositional effects:
  - The compositional effects of demographics on total consumption can be large when middle-aged population changes rapidly.
- Sectoral differentials due to aging:
  - Due to aging, some categories, including education and transport, may grow slower than others, like health.
- Uncertainty drivers:
  - The implications are uncertain due to factors like economic growth, fertility, and migration.

### Subjects and keywords
- Subject: Consumption, Education, Household consumption, National accounts, Population and demographics, Population growth
- Keywords: Aging, Asia and Pacific, Consumption, consumption category, Demographics, Household consumption, household consumption survey, IMF working papers, Jeongwon son, Population growth, views of the IMF

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- **Working Paper**
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_Source: https://www.imf.org/en/publications/wp/issues/2025/11/21/demographics-and-consumption-in-asia-toward-2050-572016_