Rising middle class (2015)
The world is in the phase of a major expansion vis-à-vis increase in the middle class population, particularly in Asia. According to research, global middle class is projected to grow from under two billion consumers today to nearly five billion within two decades. The rising middle classes are considered important key driver of growth given their high income elasticity especially for durable goods and services. Hence, increase in income of middle class leads to a higher level of consumption. Therefore, the world economy can be expected to increasingly rely on the middle classes as key sources of global demand.
