Since the 2008 financial crisis, the middle-class in many developed markets has struggled to return to pre-crisis economic levels. Many middle-class consumers are simply unprepared for the economic crisis that the coronavirus will bring. In fact, the overall savings ratio in developed markets is relatively low, at just around 11% of household disposable income, compared to nearly 30% in emerging and developing Asia.
Lower incomes and economic uncertainty will turn middle-class consumers away from the accumulation of material things. They will also be more cautious and selective in their purchasing decisions, and practice thriftier and even more self-sufficient lifestyles.