The Eastern version of the “American dream” is alive and well. China and India are unleashing a huge and burgeoning middle class that is hungry to consume, along with a new upper-class elite that is ready to prove its wealth.
The contest for the $10 trillion prize—our calculation of the size of the consumer economies in China and India in 2020—has begun. To earn their share of an unprecedented growth opportunity, businesses must understand the aspirations and goals of their future customers. Deep research is a must. Rather than looking at China and India as monolithic markets that revolve around tier 1 cities, businesses need to develop a nuanced view—one that accounts for vast differences among specific geographies, segments, and sectors.
Businesses also need to understand the accelerator mindset of entrepreneurs and leading executives in China and India. Their confidence, energy, and determination will make them formidable global competitors.