London, 2 June 2014
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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Neema Patel, Manager, Content & Publishing, +44 (0) 207 885 6239,
Standard Chartered partnered with GlobeScan to conduct this study. GlobeScan is an independent global research consultancy with over twenty-five years’ experience, including in emerging markets. The study surveyed ‘middle-income’ (emerging affluent and affluent) populations across urban regions in Indonesia, India, Nigeria, Ghana and Kenya.
We are a leading international banking group, with more than 86,000 employees and a 150-year history in some of the world’s most dynamic markets. We bank the people and companies driving investment, trade and the creation of wealth across Asia, Africa and the Middle East, where we earn around 90 per cent of our income and profits. Our heritage and values are expressed in our brand promise, Here for good.
Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges as well as the Bombay and National Stock Exchanges in India.
GlobeScan is a research consultancy providing global organizations with evidence-based insights to help them set strategy and shape their communications. Companies, multilateral institutions, governments and NGOs trust GlobeScan for our unique expertise across reputation management, sustainability and stakeholder relations.
GlobeScan conducts research in over 90 countries and is a signatory to the UN Global Compact. Established in 1987, GlobeScan is an independent, management-owned company with offices in Toronto, London and San Francisco.
For more information, visit www.GlobeScan.com