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Market Entry Consultants for the Asia Pacific Markets

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Of Interest

Why Asian Consumers are Faster Adopters of Technology

By: Dr. Mirei Takashima Calremon  (Partner, IDEV, LLC)

The Context: Though the business community is starting to understand that retail innovation and technology adoption is happening at a rapid pace in Asia, it has not yet grasped the underlying reasons why. The article explores the underlying historical, cultural, sociological, and psychological reasons as well as the takeaways for the U.S. and the rest of the world.

Why This Matters: The article highlights deeper insights and managerial implications as they relate to different retail environments, markets, and consumers. Furthermore, it will equip retailer managers with knowledge that enables them to develop the right strategy for their own business, and to navigate a rapidly evolving industry.

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Europe’s Biggest Luxury Brands Are Nervous About China

Luxury companies are counting on China for the lion’s share of their sales growth. Chinese consumers spent €105 billion ($121 billion) on luxury purchases last year, some 32 percent of the worldwide total, a share that’s likely to hit 40 percent by 2024, according to Boston Consulting Group.

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U.S.-China Trade Tussle Is Creating Winners in Southeast Asia

The region is capitalizing on a rush of new orders and production moves as firms reconsider their business in the U.S. and China amid a deepening trade war. About one-third of more than 430 American companies in China have or are considering moving production sites abroad amid the tensions, according to survey results released Sept. 13 by AmCham China and AmCham Shanghai. Southeast Asia was their top destination.

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Wealthy Asians Are Getting Richer Faster Than Anyone Else

The rising number of millionaires in Asia is prompting financial firms from Credit Suisse Group AG to DBS Group Holdings Ltd. to expand private banking operations throughout the region. While Japan and China contributed the bulk of Asia’s wealth last year, India topped the global chart when it came to the growth rate.

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Asia’s Growth and Japan II: Large Cities Enjoy the Benefits of the Demographic Bonus

Large cities in East Asia’s middle-income countries as well as Seoul and Taipei are steadily catching up with developed countries. In recent years, the pace of growth of urban areas has appeared to accelerate further through the digitization of the economy. In large East Asian cities, there are more and more digital services that are getting ahead of Japan, such as settlements of accounts by car allocation applications and smartphones and shared motorcycles.

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Globalization Is Not in Retreat

In other words, globalization has not given way to deglobalization; it has simply entered a different phase. This new era will bring economic and societal benefits, boosting innovation and productivity, offering people unprecedented (and often free) access to information, and linking consumers and suppliers across the world. 

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