The Rise of the New Middle Class: Why Asia and Africa Will Dominate Global Consumption by 2030
Explore how the expanding middle class in Asia and Africa is reshaping global markets with unique aspirations and buying power.
By 2030, the center of global consumption will have shifted dramatically. One billion people are expected to join the middle class in emerging markets, particularly in China, India, and Africa. This new middle class is not just about income but about identity and aspiration.
These consumers prioritize products that signal upward mobility and quality. The failure of the world’s cheapest car in India highlights the importance of cultural and aspirational factors. Conversely, companies that tailor products to local tastes and traditions, such as introducing grilling culture in India, find success.
This new middle class will drive global economic growth and reshape markets. Their preferences and values differ from the old middle class in the West, requiring new strategies for engagement and product development.
Understanding this demographic mosaic is crucial for businesses and policymakers seeking to tap into this vast and dynamic market.
Sources: CMO Council Global Mega Trends, SobriEF Book Summary 2 4
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