After 30 years of catchup growth, consumers around the world are starting to look more and more American.
By Matthew O'Brien
The Atlantic - Mar 14 2014
Emerging market consumers—they're becoming just like us!
They're earning more. They're spending more. And they're spending
more on the same things we do. The same gear, the same gadgets, and,
particularly in China, the same luxury goods.
It's the best news our beleaguered global economy has gotten in a while.
For too long, the world has relied on Americans to be the consumers of
last resort, to keep buying no matter how much debt it took. That worked
until it didn't in 2008. But a world where hundreds of millions of
Chinese, Indian, and Brazilian families are entering the global middle
class—and spending like it—is one where growth could theoretically be
more stable. A new report from Credit Suisse shows us just how this
world is emerging, and what it means for all of us. Here are the big
takeaways.
Read more....
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