Middle Class in Emerging and Developing Markets Hit Hard by Coronavirus

Since the global financial crisis of the late 2000s, the middle class of many emerging and developing markets - particularly in Asia - have enjoyed rising incomes. However, the coronavirus pandemic is hitting these economies hard, indefinitely halting the expansion of the middle class there. China, for example, will see spending in the middle class rise by a negligible 0.2% year on year in real terms in 2020. Food spend will rise 16.6% this year in the country as COVID-19 sends food prices soaring and consumers eat more at home. For many middle class Chinese consumers, the pandemic has changed spending values and habits, such as a huge uptick in purchasing second-hand goods.Lots of brands claim to be number one… but can they prove it?At Euromonitor International, we help brands build trust through evidence-based research. Our claim validation service ensures your marketing messages are backed by real data. Stand out in a crowded market. Visit euromonitor.com/claims to learn more.