Today is the Chinese Lunar New Year – the year of sheep, ram, or goat. Why? Because in Chinese, there is no distinction between sheep, ram, and goat – they are the same word: Yang (?). I wish everyone a very happy and prosperous year of the Yang!
The New Year begets a new beginning. I have just started a new newsletter. Here is the first issue. Hope you enjoy reading it! Your comments are most welcome!
Asian consumers will account for about 60 percent of global purchasing power. In my latest article on Forbes, I discuss three trends of new Asian consumers: their youth, their proficiency with mobile technologies, and their innate sense of what constitutes good value for their money.
Here is a summery of the article:
Asian consumers are significantly younger than their Western counterparts. In China, those born after 1980 are becoming mainstream consumers. India’s demographics are more compelling. In 2014, India’s median age was 27, compared to 38 in the US and 46 in Germany.
Asians are more adept with mobile devices than with personal computers. Therefore, mobile commerce is more advanced and widespread in Asia Pacific than the West. For example, in 2013, 55 percent of consumers in China had used mobile payments, compared to only 19 percent in the US.
Lastly, Asian consumers are value seekers, much more so than their Western counterparts. They have an innate sense for the value of any product and service they consume. Whether they are shopping for luxury goods or penny-pinching for a bargain, they want to get the most for their money.
Read the full article on Forbes.