Indian middle class is growing fast, real fast. It is not the same what it was just a decade back. They were then branded as a conservative and thrifty people.
Here are the 10 fatcs that you may not know about Indian middle class.
An average family of 4.3 people lives typically in a 900sf apartment; 71% own properties, but only 9% have a mortgage
19% own cars, 100% of households have TVs,Â 91% have mobile phones andÂ 20% have credit cards
Household savings are low at 13% of annual income; mainly to meet emergency needs, healthcare and education costs.
Risk aversion is high: 84% have not taken loans, only 11% have invested in equities (this is changing fast)Â
- Land and properties account for 51% of wealth, with 30% in cash and deposits
- Half of households have seen their income rise in the past 12 months, of which onethird saw income rise more than 20%
- 63% of respondents expect their income to increase in the next 12 months
- Slightly more than half say governance has worsened in the past 10 years; improving the economy and reducing corruption are seen as top priorities for the government.
- Children’s future and education a key concern and priority; other major concerns are rising prices and medical costs
- Very high aspirations for children with 43% wanting their kids to get a master’s degree and 29% a doctorate