According to estimates by the World Bank, national lockdowns and the ensuing economic catastrophe will this year push between 88 million and 115 million people into extreme poverty, defined as subsisting on less than $1.90 per day. The traditional path to prosperity in India, Southeast Asia, Africa and other emerging markets―moving from rural areas to cities―was suddenly no longer an option. Lockdowns froze entire economies, shutting down formal and informal jobs. The economic crisis caused by the pandemic has exacerbated inequalities. Companies can support customers through these difficult times by developing value propositions that make their lives easier. The US, for instance, has seen growing lines of people at food banks and pantries, and millions of parents of infants and toddlers who cannot afford diapers. Alongside those priorities, companies must contend with a longer-term trend of widening income and wealth inequality, which affects access to most aspects of economic life―from food and housing to healthcare, education and digital broadband. In recent months, consumers generally have emphasized several Elements of Value℠ from the providers they do business with: reducing risk, reducing anxiety and obtaining a sense of belonging.
This article originally appeared on GOBankingRates.For more detail on the business implications of coronavirus from Bain’s Macro Trends Group, log on to the Macro Surveillance Platform.Ĭovid-19 complicates the challenge of connecting with consumers to deliver value at the right price. To find out how much a middle-class family is earning, GOBankingRates multiplied each median income by 0.67 for the lower limit and by 2 for the upper limit. For this study, GOBankingRates assumed that a middle-class family earns two-thirds to double the median income for a family of its size in its state. Pew Research Center defines middle class as making two-thirds (67%) to double (200%) the national median income. Census Bureau's 2019 American Community Survey data to determine how much a two-, three- and four-person middle-class family earns. Methodology: GOBankingRates found how much the middle class earns in every state by analyzing the U.S. The Top 10 Best Travel Hacks To Save the Most MoneyĬynthia Measom contributed to the reporting of this article. Looking To Diversify in a Bear Market? Consider These Alternative Investments Social Security: Women Get $354 Per Month Less Than Men - Here's WhyĮnding Soon! Nominate Your Favorite Small Business To Be Featured in GOBankingRates' 2022 Small Business Spotlight by July 25 DenisTangneyJr / Getty Images/iStockphoto WyomingĢ-person family middle-class income range: $49,018 to $146,322ģ-person family middle-class income range: $54,955 to $164,046Ĥ-person family middle-class income range: $64,195.38 to $191,628
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