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.
Not anymore, India’s middle class is now dynamic, educated, liberal and form the pillars of this vibrant Indian economy (due to their spending nature).
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, 91% have mobile phones and 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)
- 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
Source: CLSA
Author: Arun Prabhudesai
Arun Prabhudesai is founder / chief editor at trak.in. He jumped the Entrepreneurship bandwagon in early 2008 after a long 13 year stint in I.T Industry. You can follow him on twitter @trakin or get in touch with him at admin-at-trak-dot-in or 91.9822575676.Related posts:
- Starbucks fighting hard to brew coffee for Indian middle class consumers
- Here’s a quick look at earnings of Indian people.
- How India Earns, Spends and Saves
- Indian Real Estate & Property market – Some Facts & Figures
- Two Million Minutes: Comparison of school education standards between Indian, China and USA
- Another big investment in India by Middle East
- Top 20 Business facts you should know about India
- How far can Indian real estate market rise?
- Top 5 reasons why Indian IT professionals return back to India
- Indian Real Estate Market – A story told thousand times !
{ 1 trackback }
{ 5 comments… read them below or add one }
Great Indian Middle Class (GIMC) has high chances of getting diabetes ! Did somebody do a study on this.
a great scope for retailers to penetrate and catch them because of such salary hike
amazing work keep rocking
do you have a link to the actual source (doc, pdf …) from CLSA – Definition of middle class is very different depending on who you ask. I have recently seen numbers that listed 400M middle class folks in India. If that is the definition of middle class, then the above numbers seem “unbelievable”. It would be interesting to see the actual source and see who they define as middle class. Not meant to knock the report but I will be curious to understand the basis of the report.
Diabetes is highly prevalent and to educate those with diabetes, please monitor your HA1C levels regularly. It should be less than 7. That means good control. Between 7 & 8 its is moderate. Between 8 & 10 control is bad. Over 10 is very poor control. That’s it.