The study reveals big differences in the background and employment status of emerging market middle-class consumers.
Emerging market consumers are confident about economic growth, highly optimistic about their personal prosperity, and have clear aspirations for spending their newly created wealth, finds a new independent study commissioned by Standard Chartered.
The study of 5,000 affluent and emerging affluent consumers across five of Standard Chartered’s key markets – Indonesia, India, Nigeria, Ghana and Kenya – offers new insight into the aspirations of these consumers, including their appetite to travel, invest in a new car, grow their wealth and buy luxury goods.
The study reveals big differences in the background and employment status of emerging market middle-class consumers. Indonesians and Indians tend to work for a local company, while the vast majority of African middle classes are self-employed. While 77% of Indians have a University or post-graduate qualification, 23% of Kenyans did not attend high school.
Emerging market consumers have a confident outlook, with a majority of Indians, Indonesians and Nigerians expecting economic growth in their markets to continue, and a majority of consumers in all five countries (between 54 and 91%) expecting their personal financial position to improve in the next five years. As their wealth grows, they expect their spending priorities to change considerably.
Anticipated spending in the next five years includes:
Peter Sands, Group CEO of Standard Chartered, said “The rapidly growing middle class is a key driver of economic growth across emerging markets, and this research underscores the strong confidence of these increasingly powerful consumers. They expect their wealth to grow and have clear aspirations to build a better life for themselves and their families. Based on the findings of this research, we should expect to see a very considerable shift in spending patterns across emerging markets in the next five years, as economic power continues to shift eastwards.”
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