For companies serving consumers in the modern, connected economy, income-based approaches to growth, such as prioritizing the middle class, are insufficient. Income-based approaches ignore two critical factors: (1) consumer mindset and engagement (2) access to goods and services.
For the first time, these shortcomings are addressed with the “connected spenders” consumer group—consumers able and ready to be higher spenders. As a result, this group gives businesses a more relevant population to prioritize as it identifies the most engaged consumers from each income group. Furthermore, the number of global connected spenders increased by nearly twice as much as the number of middle-class consumers between 2001 and 2011.