Asia to contribute 42% global GDP by 2040: Report

Asia is driving a major shift in global consumer behaviour, with long-term commitment and craftsmanship gaining more value than fast trends or influencer-driven consumption, according to a new TBWA\ Asia report. The report, titled Eastfluence, tracks cultural and economic signals across India, Japan, China, Singapore, South Korea, the Philippines and Indonesia.

According to the findings, Asia is projected to contribute 42% of global GDP by 2040 and will be home to 53% of the world’s population aged 18-24. The report notes that the region’s influence is expanding not only through economic growth but through cultural exports that are reshaping how young consumers think about work, leisure and creativity.

The study says young consumers globally are shifting away from ‘quick wins’ and hype-based creators toward slower, mastery-driven pursuits such as craft hobbies, slow fashion and long-term career commitments. Creators who teach skills or demonstrate expertise are gaining more trust than those focused on product promotion.

The report highlights several indicators of Asia’s growing global influence.

For India, the report says the rise of ‘slow fashion’ mirrors long-standing craft traditions. The Asia-Pacific handicrafts market, where India contributes significantly, held a 34.81% share of global revenue in 2024. Indian designers such as Anita Dongre exemplify how long-honed craftsmanship is gaining renewed global relevance. The report adds that Indian practices of intentional restraint, such as fasting, silence and mindfulness, are increasingly resonating as antidotes to global burnout.

Mixue, a Chinese ice cream and tea chain, has overtaken McDonald’s as the world’s largest fast-food chain.

BYD surpassed Tesla in global EV sales last year and is expanding into the United States.

COSRX, a South Korean skincare brand, now generates 90% of its revenue overseas, driven largely by Gen Z consumers.

Din Tai Fung records $27.4 million per outlet in the United States, the highest revenue per location among U.S. restaurant chains.

The findings draw on insights from more than 330 Culture Spotters across 70 offices in 45 countries, part of Backslash, the cultural intelligence unit serving Omnicom Advertising Group agencies. Backslash integrates strategy, data and reporting to identify cultural shifts with business implications.