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New Middle Classes in Medium-Income Countries
(2021-02) Montoya Bayardo, Miguel Ángel; Valderrey Villar, Francisco Javier; Tecnologico de Monterrey; Montoya Bayardo, Miguel Ángel; Cuervo Cazurra, Álvaro
The world is witnessing unparalleled shifts in income distribution. How people with lower income are benefiting from improvements in their standard of living is a well-debated topic in managerial literature, not so much the changes occurring in the middle of the pyramid (MoP). We analyze the advance of that segment of the population across emerging economies, with a comparison of the performance of selected nations across the world. Additionally, we look at how different groups within those societies are moving from the base of the pyramid upward to reach middle-income status. Then, we focus our research on Latin America, looking for those factors that are revamping the business context in the region. First, we study the local consumer, describing the peculiarities of the leading markets, such as Argentina, Brazil, Chile, Colombia, Mexico, and Peru. Afterwards, we look at the positive impact of innovation in the betterment of middle-classes in Latin America. Finally, we share the conclusions from our study, to demonstrate how innovation is a primary factor for the new prosperity of the middle-classes and how original proposals may fit as well into other emerging economies.