Exceptional Magazine : 2012 Exceptional Magazine
Exceptional Australia 2012 37 The 'next three billion' These markets are vast and although not rich by Western standards, a huge middle class is emerging, which we call 'the next three billion'. Indeed, between now and 2030, it's expected that the number of people in the global middle class will grow from 1.8 billion to 4.9 billion.1 This new three billion represents a rare and highly valuable opportunity for those businesses that are innovative and can sustain a long- term commitment to the wants and needs of these new consumers. The 'next three billion' A growing global middle class ripe for opportunity At a time when major developed markets are struggling to sustain an economic recovery, the rapid growth markets in Africa, Asia, Eastern Europe, Latin America and the Middle East are becoming potential hubs of entrepreneurship, innovation and trade, as well as investment from multinationals from around the world. Understanding a whole new market of consumers "Over the next two decades, this rising per-capita wealth in rapid-growth markets will generate a signifcant growth opportunity for multinational companies," explains Bill Delves, Asia-Pacifc Strategic Growth Markets Area Leader, Ernst & Young. Ernst & Young's report Innovating for the next three billion: The rise of the global middle class --- and how to capitalise on it, which was formulated from a survey of 547 global executives and entrepreneurs, identifes the emergence of this next three billion new consumers and the incredible opportunity they represent for forward-thinking businesses. 1. Homi Kharas, The emerging middle class in developing countries, Working Paper No. 285, OECD Development Centre, January 2010.
2011 Exceptional Magazine
2013 Exceptional Magazine