There might be more buying power in Asia than most of us think.
Asia boosted the world’s GDP 21% in the last six years — half of the world’s growth since 2001 — versus America’s 19%.
Most people believe Asia is booming because of exports; primarily because Americans are on a consumption binge. But of the 7% growth rate of Asia, only 1% of this growth rate is export driven.
Yes, Asia has consumers too. The Economist reveals that the bulk of Asia’s growth has been domestically driven.
Across many other Asian countries, the notion of the frugal Asian consumer is equally flawed…