KUALA LUMPUR, Sept 25 (Bernama) -- 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.
A Euromonitor conference on how companies can tap into the Indonesian market held at Pullman Jakarta Central Park today, 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 (US$1 = RM4.13),” said Euromonitor research manager, Adhitya Nugroho, in a statement.
Travel is set to be one of the fastest-growing categories in the country, increasing by 49.2 per cent by 2023.
Led by millennials who are more inclined to splash out on travel than any other demographic, spending on convenience and experience will see unprecedented growth in Indonesia.
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.
-- BERNAMA
A Euromonitor conference on how companies can tap into the Indonesian market held at Pullman Jakarta Central Park today, 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 (US$1 = RM4.13),” said Euromonitor research manager, Adhitya Nugroho, in a statement.
Travel is set to be one of the fastest-growing categories in the country, increasing by 49.2 per cent by 2023.
Led by millennials who are more inclined to splash out on travel than any other demographic, spending on convenience and experience will see unprecedented growth in Indonesia.
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.
-- BERNAMA
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