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Cape Town - The spending power of South Africa's black middle class has surpassed that of their white counterparts by R80bn, according to the UCT Unilever Institute of Strategic Marketing.
The rising black middle class has about R400bn to spend compared to the R320bn from the country's white middle class, according to the institute, who will be releasing its latest study.
"We could never have predicted that black middle class spending would have skyrocketed to a staggering R420 billion per annum – substantially outstripping white middle class spending power," Unilever stated on its website.
It added that the Black Middle Class doubled in size to 4.2 million from 1.7 million 2003.
The adult population of the white middle class has grown to to 3 million last year from 2.8 million in 2004, reported Business Day.
The institute noted that the study, entitled 4 Million and Rising, offers interesting insights and exposes a vastly transformed consumer segment.
“There’s a huge commitment to go to university. This group sees education as the stepping stone to everything,” Unilever Institute director, Professor John Simpson was quoted by the newspaper.
- Fin24
The rising black middle class has about R400bn to spend compared to the R320bn from the country's white middle class, according to the institute, who will be releasing its latest study.
"We could never have predicted that black middle class spending would have skyrocketed to a staggering R420 billion per annum – substantially outstripping white middle class spending power," Unilever stated on its website.
It added that the Black Middle Class doubled in size to 4.2 million from 1.7 million 2003.
The adult population of the white middle class has grown to to 3 million last year from 2.8 million in 2004, reported Business Day.
The institute noted that the study, entitled 4 Million and Rising, offers interesting insights and exposes a vastly transformed consumer segment.
“There’s a huge commitment to go to university. This group sees education as the stepping stone to everything,” Unilever Institute director, Professor John Simpson was quoted by the newspaper.
- Fin24
