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Bangladesh is emerging as one of the world's next great growth opportunities for companies with a keen understanding of the nation's rising consumer class.
Every year, 2 million Bangladeshis join the ranks of middle-class and affluent consumers, and they are highly optimistic about the future, value foreign brands, and are jumping onto the digital bandwagon. These are among the findings in a new report by The Boston Consulting Group (BCG).
"Bangladesh is one of the greatest untapped growth markets in Asia, yet it has been off the radar of most major consumer-product companies," said Zarif Munir, a BCG partner and coauthor of the report. "Companies that move now to get into position have an opportunity to build a lasting competitive advantage."
The report focuses on Bangladesh's middle and affluent class (MAC), which the firm defines as individuals whose annual household income is $5,000 or more. That means that these consumers earn enough to afford goods that offer convenience and luxury, such as air conditioners, imported shampoos, and cosmetics.
Although only 7 percent of Bangladesh's population of 160 million is currently classified as middle-income or affluent--compared with 21 percent in Vietnam and 38 percent in Indonesia--their ranks are growing rapidly due to a...