The global emerging middle-class population is expected to grow from 565 million to 3.5 billion by 2030, 85 percent of which will be in Asia, according to Eden Strategy Institute.
In the Philippines, the number of middle-class households is set to grow 41.8 percent between 2015 and 2030, reaching 8.4 million by 2030. The market is expected to enjoy an enhanced capacity for discretionary spending as the average disposable income is set to reach $11,429 or about P600,000 in 2030. This represents a 70-percent increase compared with the median disposable income in 2014.
“All these suggest that the future looks bright for the country’s EMC market,” said Zinnia Rivera, general manager of Red Ribbon. “Spending power of consumers is now increasing.”
“With the booming number of potential consumers, Red Ribbon is more than ready to serve them and be part of their lives,” Rivera said.
Red Ribbon, one of the country’s leading bakeshop chains, has over 300 stores nationwide.