SOURCE: PricewaterhouseCoopers LLP
Global Emerging Middle is the Next Big Market, Says PwC
But the next big opportunity will come from the Global Emerging Middle (GEM) - just below the middle income segment, according to PwC's new report titled 'Profitable growth strategies for the Global Emerging Middle – Learning from the 'Next 4 Billion' markets'.
This market already accounts for 2.3 billion people globally and is growing fast as more people emerge from poverty. The report shows that globally it will represent annual spending power in excess of USD 6 trillion by 2021. In India alone, it is expected to cross the USD 1 trillion threshold by 2021. Companies seeking growth can't afford to ignore the opportunity offered by this Emerging Middle segment but need to innovate to meet customer requirements and serve them profitably.