Publications

Joint project with the IMF to analyze the evolution of e-commerce in Spain during and after Covid. The secular positive trend in e-commerce is well alive. The pandemic's boost was temporary with a moderating trend once the restrictions were lifted. Significant heterogeneity by individuals and categories of consumption

The trends that will determine consumption are: a more digital environment (consumer-banking-commerce), a heterogeneous income recovery, lower savings, more stable weekday spending, greater importance of regions and intermediate cities, and a gradual aging of the population.

China has rapidly transitioned from a predominantly lower-middle class society to a middle, upper-middle and Affluent class society over past decade. Recent years have seen rising disposable incomes for high-income Chinese households, boosting demand for high value products – A visible shift from mass to premium.