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Evolving Consumer

Scott Gardner | Alex Janiaud

Last updated on 3 November 2025.


At a glance:

  • New technology is not only extending our lives, but also changing how we choose to live them.
  • 'Evolving Consumer' is one of our Thematic Investing themes, providing exposure to the long-term population trends that are paving the way for major changes in society.
  • We access this trend through a selection of ETFs that we pick based on theme purity, fund size (assets under management), and liquidity.


How do we invest in the Evolving Consumer?

The growth of the middle class in emerging markets, increasingly digitised services and media, and continued advances in healthcare, are all going to create new investment opportunities in the coming years. An Evolving Consumer thematic investment strategy can balance exposure to companies that are performing well today, with those that are shaping the way we'll live tomorrow.

Our globally diversified portfolios hold a variety of technology, healthcare and consumer-focused stocks via ETFs across multiple markets. In our Evolving Consumer thematic portfolio, where exposure to these long-term themes will differ depending on your chosen risk level, we have identified four core trends:

1. Healthcare innovation

Healthcare innovation focuses on new developments within life sciences, covering everything from patient records to customised medications.

Via the iShares Healthcare Innovation ETF, for example, we aim to capture the latest trends in biotechnology, medical device manufacturers, and digital healthcare providers. Examples of some key players in this field include Pfizer, Sonic Healthcare, and UnitedHealth Group.

2. Demographics

Demographics focuses on the challenges faced by an ageing population as a result of increases in life expectancy.

Our stake in funds such as the iShares Aging Population ETF provides exposure to specialist medical care, luxury travel providers, and wealth services. These are all sectors that are experiencing a rapid increase in demand as the population ages. Some of the key players in this ETF include HCA Healthcare, Expedia, Marriott International, and JPMorgan Chase.

3. Emerging global wealth

This area focuses on the expansion of the middle class in emerging markets. For example, this trend is captured via the iShares EM Consumer Growth ETF which provides exposure to luxury goods and services, along with popular e-commerce platforms.

One example of the type of equity found in this ETF is Louis Vuitton Moet Hennessy, which reflects a desire by affluent consumers in emerging markets to adopt luxury western brands. However, local brands are also finding success thanks to emerging market affluence, and so equities such as Hong Kong's Chow Tai Fook Jewellery Group and Brazil's Lojas Runner SA (department store) can also be found in this ETF. 

4. Digitalisation

Digitalisation primarily focuses on providing goods and services fuelled by the growth of the smart device market, capturing trends across e-commerce, payments, communications and media. We invest through funds such as the iSharesDigitalisation ETF, which provides exposure to e-commerce platforms, connectivity providers, and digitised service platforms. Some key players found in this ETF include Amazon, Meta, Rightmove, Visa, and Shopify.

Is investing in the Evolving Consumer thematic right for me?

Structural change can take time to fully embed and can require significant capital. Our Thematic Investing portfolios, including the Evolving Consumer, focus on trends entering or within their growth phase. Therefore, investing in the Evolving Consumer, and our other thematic portfolios, is more appropriate for those who have long-term investing goals. Some of the trends covered in our thematic portfolios may not become mainstream for 15-20 years or more.

It can be a challenge to invest in rapidly evolving spaces, which is why a globally diversified approach that accesses these themes through future-focused ETFs can help to balance the risk. The option to invest in the Evolving Consumer thematic is only available to J.P. Morgan Personal Investing investors with a risk level of 5 or above. Thematic investing carries specific risks and is not for everyone. There is no guarantee that development of the trend will contribute to positive investment outcome.


Risk warning

As with all investing, your capital is at risk. The value of your portfolio with J.P. Morgan Personal Investing can go down as well as up and you may get back less than you invest. Past performance and forecasts are not a reliable indicator of future performance. Thematic Investing carries specific risks and is not for everyone. We do not provide investment advice in this update. Always do your own research.