The growth of consumer spending power in emerging-market economies is transforming the world’s economic landscape. Twenty years ago, nearly 70 percent of all spending in these economies went toward basics such as food and clothing. As living standards and incomes have risen, demand has been rising for a wider variety of goods and services. A new report by Booz & Company analyzes this changing pattern, as well as the implications for businesses of all kinds. Succeeding in these markets, the report argues, will require innovations in products, technologies, and services, and major changes in operating procedures.