Setting up their own businesses and investing in property are some of the top priorities of the emerging affluent across Asia and Africa.
In a recent report by Standard Chartered it reveals that the emerging affluent across the two regions was confident about their market’s growth prospects.
This demographic group also expected their incomes to rise, had clear spending plans, and were highly confident in achieving their long-term wealth goals.
The study of 7,000 emerging affluent consumers in Hong Kong, China, India, Indonesia, Kenya, Nigeria and Singapore –- offers new insights into the confidence levels, income expectations, saving plans, short and medium-term spending priorities, and long-term aspirations of people with rising incomes living in large cities.
One of the key findings in the study is a high level of confidence among the emerging affluent when it comes to the ten-year wealth goal.
“Whether the ten-year wealth aspiration is to buy property or launch a business, on average as many as 87 per cent of the emerging affluent believe they will achieve it,” read the report.
Respondents in Hong Kong, China, India, Indonesia, Nigeria and Singapore – say buying property is their top long-term financial aspiration, while launching their own business is the number one goal for the emerging affluent Kenyans.
The figure is considerably higher in the developing markets, with 100 per cent of Nigerians and at least nine in ten Kenyans, Indians, Indonesians and Chinese saying they are confident about achieving their long-term financial goals.
“At a time when many people are worried about the global economy, this study suggests it feels very different on the ground in Asia and Africa,” said Karen Fawcett, Chief Executive Officer, Retail Banking, Standard Chartered.
“These emerging affluent consumers are confident, ambitious and are driving wealth creation, which supports the long-term outlook for growth across these markets.”