Asia’s Rise Won’t Surpass Dominance Of American Middle Class By Kenneth Rapoza
Riff-raff of America unite! We still matter to the world’s biggest brands. The U.S. middle class isn’t going to be outdone by the Chinese, any time soon.
Much has been written about the death of the American middle class and the growing importance of the rising Asian middle classes.
The U.S. middle class will continue to dominate world consumer markets for at least another 15 years. And while the middle class in Asia will be greater in number, accounting for around 60% by 2030, says the OECD, there is a difference between an Indian consumer and a Japanese one. There is less of a difference between a Texan consumer and a Californian. Not only do they speak the same language, celebrate the same holidays, listen to the same music and drink the same liquor, they also have similar life styles. The same cannot be said for a person living and Shanghai and in Xinjiang, let alone Shanghai and Mumbai.
Here’s what we know: the U.S. middle class accounts for over 21% of global middle class spending. No other country comes close. China accounts for around 5%.
But while the U.S. consumer class is leveling off, the growth opportunity is clearly in Asia. Marketing to them will not be the same, therefore the U.S. consumer will still be in the forefront of most marketing campaigns by global companies. American styles and tastes matter.
Read the full article at: Forbes