3 Trends of New Asian Consumers

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.

What Is the Chinese Dream?

Forbes: Helen H. Wang

In an event in Silicon Valley, someone asked me: “In one sentence or two, would you tell me what is the Chinese dream?” (as he learned I wrote a book called The Chinese Dream).

A simple question, but no simple answers.

When I left China 20 years ago, there was no Chinese dream. I had to leave my country and come to America to pursue my dream of a better future. But today, many young people in China can start their own business and have a lot more opportunities. Even many of my American friends are going to China because of the tremendous opportunities presented there.

As a Chinese magazine editor told me bluntly, “The Chinese Dream is a copy of the American Dream.”

Many middle class Chinese are influenced by the American way of life. They are bombarded by many material temptations and proliferating choices. TV commercials, the Internet, and Hollywood movies give them a rosy picture of the American middle class.

One Chinese blog described it this way: “American middle class people live in a villa with a two-car garage in the suburbs. In front of the house, there is a green lawn. They have 2-3 children, and a dog. The husband goes out to work, and the wife stays at home taking care of the children. On weekends, they drive their SUVs to the countryside for barbecues and camping.”

That is the picture in most Chinese people’s minds of “the American Dream”— owning a big house, driving a nice car, and having a comfortable life. The Chinese middle class wants it all. Continue reading