According to recent research, more than 1 billion Asians will enter the global middle class by 2030, and the epidemic will just be a brief stop in the international economy’s big demographic transition.
According to the World Data Lab, the middle class, defined as households spending between $11 and $110 per day, accounts for 3.75 billion individuals this year. By 2030, that cohort is expected to increase by roughly three-quarters of a billion people, with India and China, the two most populous nations, adding about three-quarters of a billion people each.
Asia is also home to the other major contributors. They include Indonesia, which is expected to have the world’s fourth-largest middle class by 2030, surpassing Russia and Japan, and Bangladesh, a densely populated country the size of Iowa that is expected to rise faster than any other country. It is expected to rise from 28th to 11th place, bringing with it more than 50 million middle-class customers.
Despite the fact that Asian nations account for more than half of the world’s middle class, they only account for 41% of that group’s consumer expenditure, according to the research. By 2032, the percentage will have surpassed 50%.
According to World Data Lab, China, India, and the United States are expected to maintain their top three positions as the nations with the greatest middle-class populations. Slow or negative population growth in certain industrialized economies, such as Japan, Germany, Italy, and Poland, will result in a diminishing middle class.
(Source – Business Standard)