Biz News

THE GROWING ASIAN MIDDLECLASS

Opportunities for quality North American products

Asia - A Global Trade Destination 

So much has been written about the rapid rise of the Asian middleclass. But not enough about the fact that this middleclass can be segmented into a local middleclass who are middleclass by local national standards and a global middleclass within Asian countries who are middleclass by global standards having the income and standards of living on par with the middleclass of established economies such as North America, Europe and Japan. 

The Asian global middleclass is to be found across Asia from Dubai to Mumbai, Bangkok, Singapore, Hong Kong and Shanghai. 

This Asian global middleclass desire the same luxury goods as their Japanese, North American and European counterparts. The vast emporiums and malls in cities across Asia offer a markt opportunity for the finer things in life such as quality Canadian icewine and maple syrup that adds a burst of flavor to the grilled wild pacific salmon served at a fine dining restaurant in exotic Singapore.

The timing is just right for producers of finely crafted products to reach out to markets not just in China but additionally in tropical South East Asia, India and beyond. Global affluence has seen the convergence of lifestyles resulting in increasing demands for quality worldwide. This has transformed many North American and European names into global brands. 

It is no longer uncommon to see Alaskan crab on the menu of Chinese Sea Food restaurants in Kuala Lumpur.  Pancakes with Canadian maple syrup for breakfast in Jakarta? This could pose quite a challenge to the local sugary peanut and sweet corn pancake called apum balik. 

When it comes to fashionable designer shoes, bags and clothing a designer label store in an Asian city mall could be an opportunity to tap into the deep pockets of the Asian global middleclass.

This is a good time to do a market study and to plan a business assessment of opportunities in the excellent winter getaway destinations of South East Asia and beyond. Beginning with cyber travel a plan can be worked out on how best to explore the new opportunities Asia offers North America. 

Siddha Param 

International Business Consultant 

Winnipeg, Manitoba, Canada

Contact:

http://ca.linkedin.com/in/siddhaparam

siddhaparam@worldwidebusinessconnection.com