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SA black middle class rises in clout
April 29, 2013, 11:13 am

[Xinhua]

The rising black middle class has about R400 billion to spend, says the study [Xinhua]

Black South Africans classified as middle class rose to 4.2 million people last year from 1.7 million in 2004.

The spending power of South Africa’s black middle class has surpassed that of their white counterparts by R80 billion shows a new study by the University of Cape Town’s Unilever Institute of Strategic Marketing.

The rising black middle class has about R400 billion to spend compared to the R320 billion from the country’s white middle class, according to the institute, who will be releasing its latest study.

“We could never have predicted that black middle class spending would have skyrocketed to a staggering R420 billion per annum – substantially outstripping white middle class spending power,” Unilever stated on its website.

Source: Agencies

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