Nevertheless, Vietnamese consumers’ overall optimism remains one of the highest among countries globally. Vietnamese consumers’ overall optimism remains one of the highest among countries globally. This can squeeze the mortgage market and leave property developers vulnerable to liquidity pressures, which can have ripple effects on wealth and consumption. At the same time, inflation is projected to hover around 3.8 percent in 2023, which, though already high, can be perceived as even higher by consumers in the lower-income segments, who bear the brunt of inflation. 2 Navigating Vietnam 2023: Investing with responsibilities for sustainable growth, VNdirect, November 2022. For example, demand from key markets such as the United States and the European Union has decreased, leading to a lower forecasted growth in the value of Vietnam’s exports in 2023 (9 to 10 percent, compared with 14 percent in 2022). However, against this backdrop of continued development, Vietnam is facing headwinds at the start of 2023 that are likely to impact the ability of its population to spend.
The core engines of Vietnam’s economic development seem robust: in Southeast Asia, wages for workers in the manufacturing sector remain among the lowest in Vietnam, and the country’s workforce is relatively highly educated. Vietnam’s prospects remain strong for the upcoming decade, since GDP growth is on the rise again-with year-on-year GDP growth of 2 to 7 percent expected between 20, McKinsey analysis shows. Middle-class consumers in Vietnam have generally been optimistic-a sentiment that appears to be prevailing as the country exits a period of economic slowdown and constraint. Inflation hardship information by detailed income group is courtesy of Gallup.This article is a collaborative effort by Resil Das, Matthieu Francois, Khant Khant Kyaw, Dymfke Kuijpers, Linh Pham, and Van Pham, representing views from McKinsey’s Consumer Packaged Goods Practice.
Middle class us full#
Our story references Urban Institute’s definition of the “middle-middle” class, rather than the full range of lower-middle-, middle-middle- and upper-middle-class incomes.ĭata about retirement savings and emergency savings were calculated from the Federal Reserve Board’s Survey of Household Economics and Decisionmaking microdata. Stephen Rose at the Urban Institute, whose definition of the middle class is cited in this story, could not be reached for comment. Rakesh Kochhar at the Pew Research Center, Richard Reeves at Brookings, Caitlin Zaloom at New York University and Rachel Sherman at the New School were consulted for this story. Our three definitions of the middle class come from the Pew Research Center (distance from median income), Brookings Institution (middle 60 percent of household incomes) and Urban Institute (distance from the 2021 poverty level).
Middle class us zip#
The Census Bureau does not calculate median incomes for all rural areas, so we used the median of median incomes in a state’s rural Zip codes as a comparison point. Income for Zip codes and core-based statistical areas are based on the Current Population Survey using data collected between 20. The national distribution of household income across the United States was calculated from the 2022 Current Population Survey’s Annual Social and Economic Supplement. We used a variety of data sources on income. Paper and bill textures in topper from iStock. Reporting by Alyssa Fowers, Shelly Tan, Luis Melgar and Kevin Schaul.
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