Asia projected to add 702 million middle-class adults by 2036

A joint study by World Data Lab (WDL) and EBANX forecasts that Asia will add 702 million middle-class adults between 2026 and 2036, representing three-quarters of all middle-class growth in emerging markets.

Emerging markets are expected to contribute USD 8.7 trillion to global online spending growth by 2036, accounting for 60% of all new spending. China and India are identified as the primary drivers, with projected increases of USD 4.7 trillion and USD 1.3 trillion, respectively. Other significant contributors include Brazil, Indonesia, and Mexico.

The report highlights a shift in payment behaviors, noting that by 2036, only 20% of adults in emerging markets are expected to hold credit cards, compared to 66% in developed markets. Additionally, demographic trends show that consumers aged 45 and older will account for 51% of online spending growth in emerging markets through 2036.