ARMENIA CONSUMER GOODS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Market Concentration and Competitive Landscape

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Rising disposable income

Alongside population growth, another positive factor for the Armenia consumer goods market has been steady increases in household disposable income levels in recent times. Economic indicators show that GDP per capita has been growing year-on-year, driven by low inflation and strong performance from sectors such as agriculture, mining, and tourism. Wage growth in both public and private employment has generally outpaced inflation, leaving consumers with more spending power in real terms. Income gains have been particularly pronounced for younger generations entering the workforce as well as dual income families. Higher income allows households to spend more on non-essential and branded consumer items that provide better quality or experience compared to basic necessities. It provides opportunity for consumer companies to promote premium and value-added products targeting these higher income demographic segments. Rising affluence also leads to evolving consumption patterns like increasing expenditure on recreation, personal care, baby products, and pet care. This diversification in spending moves demand beyond commoditized essentials into newer categories offering potential for innovators. However, consumer goods companies will have to ensure price points on new launches remain accessible to mainstream buyers. Overall, a more prosperous middle class bodes well for current and future demand expansion across a variety of consumer markets in Armenia.