Emerging Tech and the Asian Markets
This weekend, I DJed, co-hosted and played at Dudefest 2019 a fundraiser for Misericordia, an organization that helps developmentally and intellectually disabled individuals. It was a great event featuring a bunch of bands one of which was Cherry Glazerr who you should definitely check out.
What I wanted to talk about in this video is the growing markets in Asia, and how we in the West mistakenly tend to discount their ability to innovate.
To quote statistician, Hans Rosling from his 2018 New York Times Best Seller:
“If the UN forecasts for Population growth are correct, and if incomes in Asia and Africa keep growing as now, then the center of gravity of the world market will shift over the next 20 years from the Atlantic to the Indian Ocean. Today, the people living in rich countries around the North Atlantic, who represent 11 percent of the world population, make up 60 percent of the Level 4 consumer market. Already by 2027, if incomes keep growing worldwide as they are doing now, then that figure will have shrunk to 50 percent. By 2040, 60 percent of Level 4 consumers will live outside the West.”
“People in North America and Europe need to understand that most of the world population lives in Asia. In terms of economic muscles “we” are becoming the 20 percent, not the 80 percent…we also misjudge our importance in the future global marketplace. Many of us forget to behave properly with those who will control the future trade deals.”
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Hans Rosling's Factfulness:
Hans Rosling's organization: