In the category of “crorepatis”, there are almost three cars per family. In the “rich”, or those with an annual household income of over Rs 30 lakh, every household owns a car. In the “seekers” category, with income between Rs 5lakh and Rs 15 lakh a year, almost three out of every 10 households have a car. Less than five out of every 10 “aspirer” households had an automobile in 202021. The survey results showed that the “destitute” household hardly buys a car.
“The reason for clubbing households like this is that distinct patterns of consumption can be observed for these categories,” says Shukla. The report has broadly clubbed these groups into seven categories, ranging from the “destitutes” (those with an annual family income of under Rs 1,25,000 or $1,700 in 2020-21) to the “super rich” (annual family income of over Rs 2 crore or $270,000 in 2020-21) with the middle class (annual household income of between Rs 5 lakh and Rs 30 lakh or $6,700-$40,000) in between. “Given that estimates range from 50 to 400 million, many question their actual strength and thus the purchasing power of this category,” he says.
Lack of a universally acceptable definition, coupled with the well-known problems associated with survey data have resulted in varying estimates of its numerical estimates, says the economist who has been closely tracking the issue.
Rajesh Shukla, MD and CEO of PRICE and author of the report, says that while much has been written on this class, defining this “middle” has always been problematic for both academicians and marketers. According to the report, the middle class will grow to 63% in 2047.
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