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The Peruvian middle class is booming too and a huge percentage of the people that are rising out of poverty are mestizos. This is quite a trend throughout Latin America. This makes me feel bad for countries like Venezuela which are literally missing the prosperity boat due to class envy. Such a shame! But yay for Peru!
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Peru’s unprecedented economic growth – approximately 7% annually over recent years – has facilitated the emergence of a robust middle class with increasing disposable income. According to the Inter-American Development Bank (IADB), the percentage of Peruvians considered “middle class” doubled to 70% of the population between 2005 and 2011. And according to Peru’s socioeconomic level system — a widely accepted scheme for classifying the socioeconomic demographics of the nation’s population, with segments ranging from A to E — the middle-class population is represented by strata C and D. In addition to experiencing strong growth, this new middle class has enjoyed increased purchasing power through newly attained disposable income. For example, average monthly earnings for the Lima metropolitan area climbed by 41.8% between 2003 and 2010, with much of this increase concentrated in segments C and D.
Even if growth has slowed from the 2010 high of 8.8 percent, as demand from China weakens, Peru “remains among the fastest-growing economies in Latin America, with consumption and investment the key drivers,” Capital Economics, a consultancy, said in a recent note.
Consumer spending, fueled by easily approved bank loans and credit cards, has risen as more and more people are lifted out of poverty and the country’s middle class expands.
This growth is palpable at Mega Plaza Express. Just 20 years ago, the area was a deserted, hilly expanse with a handful of factories and concrete-block shacks. Now there are DirecTV, Bata shoes and RadioShack stores, while sales associates desperately chase down potential customers offering everything from trinkets to cheap insurance, car loans and mortgages. Despite the still relatively low banking penetration of 30 percent, there is a proliferation of cash machines.
“We get new clients almost every day,” said an employee at the mall branch of the Banco de Credito del Peru, the country’s largest bank, which is expected to open about 100 new branches next year.
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