Credit by Illustration © unsplash.com
Guess What, Indonesia Has the Largest Number of Middle Class Households in ASEAN
ECONOMY Indonesia

Guess What, Indonesia Has the Largest Number of Middle Class Households in ASEAN

Global market research company Euromonitor International shared insights on how companies can tap into the Indonesian market at its first conference for Indonesia at Pullman Jakarta Central on September 25th

According to global market research company, Euromonitor International, Indonesia has the largest number of middle class households in ASEAN, representing 30 per cent of households in 2018. “This fact offers a sizeable market potential for companies to tap into Indonesia,” says Adhitya Nugroho, research manager at Euromonitor.

Travel is set to be one of the fastest growing category in the country, increasing by 49.2 percent by 2023. Led by the millennials that are more inclined to spend on travel than other demographics, the will of spending on convenience and experience is marking an unprecedented growth in travel in Indonesia. Furthermore, the smartphone penetration that reached 142 percent of households in 2017, is supporting the young generation to spend more on holidays planning.

A Euromonitor also revealed that big cities in Sumatra will have the highest penetration of middle class households by 2030.

“Medan, Bandar Lampung and Padang will be the top three big cities in Indonesia, with almost 50 per cent of its population enjoying annual incomes of between US$10,000 and US$25,000 ” said Euromonitor research manager, Adhitya Nugroho, in a statement.

Smartphone penetration, which reached 142 per cent of households in 2017, is also supporting the tendency to spend more on holiday-planning.

Euromonitor International is the world’s leading provider for global business intelligence and strategic market analysis.

It has more than 40 years of experience publishing international market reports, business reference books and online databases on consumer markets.

Source : BERNAMA | businesswire.com

ProudProud68%
SadSad0%
ExcitedExcited8%
IndifferentIndifferent3%
InspiredInspired11%
AmazedAmazed11%

What do you think?

Give a comment

Next