An increasingly powerful economic force.
Middle class lifestyles, still out of reach for most people in South and Southeast Asia, are set to become more common over the course of the decade.
Between 2012 and 2020, the middle class will grow by 330 million in India to become 540 million strong, and by 210 million in Southeast Asia to represent 400 million people there, according to estimates from Nielsen.
Nielsen defines the middle class as people with enough money to choose what they buy, equating to at least US$16 in daily disposable income.
Rising affluence means that India’s middle class will account for 39% of the country’s population by 2020, compared with 17% in 2012.
Southeast Asia’s middle class, meanwhile, will represent the majority by 2020 at 55% of the population, compared with 28% in 2012.
Asia’s largest middle class lives in China however, at 800 million people or 61% of the population in 2012. This figure is set to rise to one billion people, or 71% of the population, by 2020.
In total, the size of the middle class in China, India and Southeast Asia will rise from 1.2 billion people in 2012 to almost 2 billion by 2020, a 62% growth rate.
Source: mediabusinessasia.com; 23 June 2015