Middle Classes in Emerging Markets Giving Importance to Education
A recent Euromonitor International report suggests that emerging market economies will grow almost three times faster than developed economies, accounting for an average of 65 percent of global economic growth through 2020. And the new beneficiaries of this growth value education highly.
In particular, middle class households in emerging markets are twice as likely to report that spending on education for household members is one of their top five financial priorities (30 percent vs. 16 percent). The emerging middle class in Indonesia, Mexico and Colombia are especially likely to prioritize education (38 percent to 44 percent). And while the emerging market spotlight has long been focused on the BRIC nations of Brazil, Russia, India, and China, the report, entitled Reaching the Emerging Middle Classes beyond BRIC, notes that attention is turning to smaller markets. The shift is being driven by the rates of faster economic and demographic growth in many of those markets – factors that are together fueling growth in consumer spending, including highly valued spending areas such as education.
This report gives good insights about emerging economies beyond BRIC as well. Please go through this report published by Euromonitor International to learn more about global economic scenario with respect to emerging economics.
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