Now the country is going through a severe recession it delivered "a series of dismal readings on every yardstick," with a significant fall in spending on cosmetics, beer and even Internet access, which had been relatively inelastic in prior surveys.
In markets such as India, China and Mexico, Credit Suisse noted a strong growth in smartphone penetration, and forecast that e-commerce revenues in big emerging markets could triple by 2025 to $2.5 trillion.
In China, where growth in consumption has been driven mainly by income growth and lifestyle changes among the young middle class, Credit Suisse estimated online sales would grow 20-26 percent year-on-year in 2016-2018.