Asia's emerging middle class represents an untapped market of over half a billion consumers, according to Eden Strategy Institute, which today announced the findings of the Asia Emerging Middle Class Survey, a study conducted in partnership with JANA mobile, to learn about the behavior of the region’s growing base of emerging middle class consumers.
The report included responses from 4,000 EMC consumers across India, Vietnam, Indonesia, and the Philippines. It reveals their earning, saving, and spending behavior; their hopes, fears, possessions, material attachments, and aspirations.
The biggest hope of the EMC consumers are having a healthy life, becoming rich and becoming closer to God.
Respondents from all countries surveyed chose health as the number one thing that they are most afraid of losing, over their jobs, friends, social statuses, savings, and their houses.
The survey also found that emerging middle class consumers from all countries would save the extra money if their income was doubled. In Indonesia, emerging middle class consumers would rather lose their savings than lose their houses.
Over in Vietnem, more respondents revealed that they could not live without fast food (20.4 percent) than mobile phones (18 percent).
The study also finds there is a high Internet penetration among EMC consumers. Philippines ranked highest, with over 57.9 percent of respondents having Internet access.
“The Emerging Middle Class represents an untapped market of over half a billion consumers. Unlike the traditional middle-class, EMC consumers may have irregular income flows, and are highly discerning about longer-term valueof their purchases,” says Calvin Chu Yee Ming, Partner at Eden Strategy Institute.
Ming explains that multinationals need to take a collaborate approach to innovate around their unique contexts, needs, and desires in order to successfully bring relevant products that help these consumers escape from the poverty cycle.