An email received from one Mr. Paul Raj of Stockholding Corporation.
Makes interesting reading.
What makes the Middle Class Great?
1.It comprises of people who are survivors, though somewhat diffident,
conservative and mostly conformists.
2.They believe in God’s grace and want to hold on to what they have. They are
risk averse . More Bank Fixed Deposits than Stocks and Shares.
3.They want secure jobs ( preferably government jobs ) and have learnt to
manage within their means. They have learnt to ‘Cut their Coat according to
their Cloth’
4.They are thrifty-Indian saving rate at 28% of GDP is one of the highest in
the world.
5.They want to give good education to their children and live their dreams
through their progeny .They talk endlessly of their U.S and U.K based children
while worrying if their children are eating well and not getting corrupted by
the outside influence.
6.While justifiably proud of their well-to-do children , they are
uncomfortable with girls going out at night and the present lesser clad
children.
7. Their daughters-in-law save time by spending money while the mothers-in-law
have always saved money by spending more time (cook wholesome food at home
rather than order fast- food)
8.They believe in God and are reconciled to their destiny .While they listen to
grand plans of their children, yet are always apprehensive.
9.They are getting accustomed to modern technology, but still keep their Fixed
Deposit Receipts laminated and safe, trusting the bank and post office
pass-books more than internet accounting.
10.They are the products of households where younger children accepted hand-
me- downs and always affectionately wanted to get their father’s coat altered
to their size on growing up. They believe in save and re-use. Today’s use and
throw culture deeply upsets them.
11.They believe in Value-for-Money.
12.They are best represented by the middle middle-class, who buy branded
apparel, but at discount sales ( preferably winter clothing at the season’s
end, at bargain basement prices) , who go to see movies at the multiplex but in
the morning shows at discounted rates, who comfortably fit in ( a large family)
in a small car ( with a large heart ).
13.They manage to live in rented accommodations (if possible, government or
company provided) and construct houses against Provident Fund and life
Insurance loans. They DO NOT live on E.M.I s and still pay cash for their
shopping.
14.God Forbid, if the bread earner was to lose the job ( which will mean
depression and a feeling of disaster ) the homemaker can mange to keep the
kitchen fire still burning for a few months by dipping into below
-the-mattress-money .In such cases they will profusely offer prayers to the God
of their understanding and ultimately leave everything to the Higher Power.
15.They do get snubbed for their middle-class mentality and values by their
better-off children and relatives, who want to upgrade their living standards
exponentially.
The giant multinational corporations salivating at this large target audience
sank in huge amounts in standardized shopping malls, which have attracted foot-
falls and eye-balls, but have seen flat sales, in fast-food chains, which
struggled till they brought the prices down and customized their food
offerings. Ultimately the global consumer goods giants recognized that the
middle-age middle-class person still drinks the cola or lemon drink from a
bottle, will buy a car based on fuel consumption and will take a cautious and
conservative route. Of course the Corporations are lucky in so far as India has
the youngest population in the world and hence cold drink cans and flat screen
TVs have a chance.
Conclusion
In the global economic meltdown of today, India is relatively safe due to our
conservative and cautious policies and the stoic middle class values, with deep
faith in the Higher Power.
More power to the Middle-Class. May the economically backward rise to the
middle-class level.
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