SAO PAOLO: The Brazilian middle class is rapidly increasing in size, offering major opportunities for brands from various categories.
Ibope, the research firm, reported that economic growth has resulted in 32m people, called "Classe C", joining the middle class for the first time, swelling overall numbers to 100m.
The middle class as a whole, which boasts a large number of relatively young shoppers, currently generates the majority of domestic consumption.
Based on a survey of 20,000 people from Classe C, Ibope found a particular demand concerning property and cars, alongside a willingness to pay a premium for high-quality goods in sectors like personal care.
Moreover, this audience is seeking "products matching their values and principles, their lifestyle and attitudes," its study added.
"It shows that we were targeting the wrong people. Class C now consists of telemarketers, secretaries, receptionists and teachers," Fabio Mariano Borges, a professor at the School of Advertising and Marketing in São Paulo, said.
"Strong public consumption was responsible for taking the country out of the 2008 financial crisis."
Data sourced from Diário do Grande ABC; additional content by Warc staff