Meet your new global consumer You've heard of the burgeoning consumer markets in China and India that are driving the world economy. But do you know enough about these new consumers to convert them into customers? Do you know that:
- There will be nearly one billion middle-class consumers in China and India within the next ten years?
- More than 135 million Chinese and Indians will graduate from college in this timeframe, compared to just 30 million in the United States?
- By 2020, 68 percent of Chinese households and 57 percent of Indian households will be in the middle and upper classes?
- The number of billionaires in China has grown from 1 to 115 in the past decade alone? In The $10 Trillion Prize, bestselling author Michael J. Silverstein and his The Boston Consulting Group colleagues in China and India provide the first comprehensive profile of the emerging middle class, primed to transform the global marketplace. Already the world's biggest buyers of cars, mobile phones, appliances, and more, these consumers are eager for more products and services. In fact, it's estimated that by 2020, consumers in China and India will generate about $10 trillion of total annual revenue for companies selling to them. This book explains who these consumers are--what they buy and why, how they think and shop, and how their needs and tastes are changing. It takes you into their lives so you can better understand what they want and what they're looking for. Only by fully comprehending the forces driving this new generation of consumers will your company be able to capitalize on the opportunities their buying power represents. Insightful and backed by rigorous research, this book takes you inside the hearts and minds of today's emerging Chinese and Indian consumers--both urban and rural, and across all income levels--positioning your company to win as the next wave of global affluence reaches the marketplace.
About the Author
Michael J. Silverstein is the author of Trading Up and one of the founders of The Boston Consulting Group's global consumer practice. Abheek Singhi is the leader of BCG's India consumer practice. Carol Liao heads BCG's China consumer practice. David Michael leads BCG's globalization practice.
As seen in The Wall Street Journal, Fortune magazine, and Forbes.com
The $10 Trillion Dollar Prize is an insightful, brilliant journey into the viscera of the modern consumer in both countries, unravelling in the process the rich tapestry that embellishes both these countries.” In sum, the book is a paisa vasool”, or value for money, a term it repeatedly refers to, and one which could redefine the way corporations around the world think about consumers in India and in China.” Business Standard (business-standard.com)
the authors, all of whom work for the Boston Consulting Group, make a convincing case for the importance of this eastward shift in global spending.” The Financial Times
The $10 Trillion Prize, through survey data, concrete examples, and on-the-ground reporting, shows business leaders what they’re up against in these two massive markets” EuroBiz
Advance praise for The $10 Trillion Prize
Jerry Stritzke, President and COO, Coach
Great insights into the aspirations and driving forces behind the all-important consumers of China and India. A thought-provoking and entertaining glimpse into how these consumers will redefine the future.”
Irene Rosenfeld, Chairman and CEO, Kraft Foods
A must-read for consumer companies seeking to capitalize on the explosive growth in India and China, but also a how-to manual for jump-starting growth in more mature, developed markets.”
Jochen Zaumseil, Executive Vice President, Asia Pacific, L’Oréal
The authors of The $10 Trillion Prize draw very concrete directions to answer the needs, aspirations, ambitions, and demands of this new generation of consumers.”
Deepak Parekh, Chairman, HDFC
Decisively, this is the most realistic and powerful portrayal of Chinese and Indian consumers. No company can shape its future without them. A brilliant guide to unlocking spectacular growth.”
Jim O’Neill, Chairman, Goldman Sachs Asset Management
This landmark book documents the rapid growth in consumer spending in China and India over the next ten years. It is an analytic tour de force and a rags-to-riches tale.”