The new consumer class starts shopping

Overview

Brazil has made significant progress in poverty reduction during the Lula administration which has resulted in an unprecedented expansion of consumer spending. Nearly 70 per cent of the population was classified as middle class or above in December 2009, compared to roughly 53 per cent when Lula took office in January 2003. During the same period the number of Brazilians living in poverty decreased from nearly 30 per cent of the population to 17.4 per cent. The poverty reduction trend...