An enormous upsurge in the middle class families across the globe especially in the BRICS countries has accrued high supposition among the economists. The total number of such families in BRICS is considered to be 5 billion by 2030. This transition has been found as "historical" in the last 150 years by the UN. This data is supposed to exceed G7 countries which are significantly industrialized than BRICS.
By the end of 2020 middle class families in Asian continent will be more than 3 bn and this is 5 times more than Europe and 10 times more than North America! The households which are capable of spending $10 to $100 per day from their disposable income is considered to be in the middle class group and this definition has been coined by the UN and OECD.
The number of people who earns $10 to $100 per day approximately is 150 mn and by 2030,500 mn people will earn the same in China alone if the economy has a stable growth. This data implies that by 2030, 70% of the Chinese population will be added to this middle class group. In India with the current 50 million middle class families an extra 150 mn families will be added to the middle class group by 2020.
As the number of such families increases a price hike in the commodities is also visible since more people are looking for resources. For e.g. the price of meat and meat products has gone up by 20% in the last 5 years. Now the companies all over the world are busy setting up their outlets in these BRICS nations looking at the opportunities the middle class families are going to bring .
No comments:
Post a Comment