The middle and affluent class will double in size in Vietnam and Myanmar between now and 2020, according to a publication by The Boston Consulting Group (BCG).
Consumers in these two Southeast Asian countries are also among the most optimistic in the world—more optimistic than even their counterparts in China, India, Indonesia, and other fast-growing emerging markets.
More than 90 percent of all consumers in Vietnam and Myanmar, for example, believe that their children will have a better life than they themselves. By comparison, the share of consumers who share that belief is more than 20 percentage points lower in China, India, and Indonesia.
By 2020, there will be more than 30 million middle and affluent consumers in Vietnam and about 10 million in Myanmar.
Vietnam has been on the upswing for 20 years, and that trajectory has steepened since 2007, when the country joined the World Trade Organization. Few Vietnamese consumers, however use banking products other than a savings account. Only 5 percent own a credit card, for example.
Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
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