The Emerging Middle Class in Developing Countries
May 28, 2014 | Market Research | Comments Off on The Emerging Middle Class in Developing Countries
Growth of both multinationals and the global economy will depend increasingly on emerging market consumers, especially in Asia (India, ASEAN, and China). They are spending more on basic necessities like homes and food, but also extras such as meat, mobile phones, and air conditioners. Global middle-class spending should rise from $21.4 trillion in 2009 to $55.7 trillion in 2030. Asia’s share should increase from 23% in 2009 to 59% in 2030.
Millions of newly affluent people in emerging economies are reshaping and resizing the global middle class. The world’s middle class will swell from 2 billion to almost 5 billion by 2030, with most of that growth coming from developing countries . The world population in 2030 is expected to be about 8 billion.
Today, people in developing countries make up almost 30% of the world’s consumer spending, up from 18% a decade ago as they become middle class. This change, what the US National Intelligence Council called a “tectonic shift,” is one the most important trends for the next several decades.
For one, growth of both multinationals and the global economy will depend more and more on these emerging market consumers, especially in Asia (China, India, and ASEAN).