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The $10 Trillion Prize: Captivating the Newly Affluent in China and India, by Michael J. Silverstein, Abheek Singhi, Carol Liao, David Mic
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Meet your new global consumer
You’ve heard of the burgeoning consumer markets in China and India that are driving the world economy. But do you know enough about these new consumers to convert them into customers?
Do you know that:
• There will be nearly one billion middle-class consumers in China and India within the next ten years?
• More than 135 million Chinese and Indians will graduate from college in this timeframe, compared to just 30 million in the United States?
• By 2020, 68 percent of Chinese households and 57 percent of Indian households will be in the middle and upper classes?
• The number of billionaires in China has grown from 1 to 115 in the past decade alone?
In The $10 Trillion Prize, bestselling author Michael J. Silverstein and his The Boston Consulting Group colleagues in China and India provide the first comprehensive profile of the emerging middle class, primed to transform the global marketplace. Already the world’s biggest buyers of cars, mobile phones, appliances, and more, these consumers are eager for more products and services. In fact, it’s estimated that by 2020, consumers in China and India will generate about $10 trillion of total annual revenue for companies selling to them.
This book explains who these consumers are—what they buy and why, how they think and shop, and how their needs and tastes are changing. It takes you into their lives so you can better understand what they want and what they’re looking for.
Only by fully comprehending the forces driving this new generation of consumers will your company be able to capitalize on the opportunities their buying power represents. Insightful and backed by rigorous research, this book takes you inside the hearts and minds of today’s emerging Chinese and Indian consumers—both urban and rural, and across all income levels—positioning your company to win as the next wave of global affluence reaches the marketplace.
- Sales Rank: #698734 in eBooks
- Published on: 2012-09-11
- Released on: 2012-09-11
- Format: Kindle eBook
Review
As seen in The Wall Street Journal, Fortune magazine, Forbes.com, Bloomberg TV, Businessweek, The Economist, and BBC Radio
“enjoyable, informative, and timely book.” — Indian Journal of Economics & Business
“A must-read for those wanting to tap the markets of India and China, The $10 Trillion Prize: Captivating the Newly Affluent in China and India is a portrait of the world’s biggest buyers of cars, mobile phones, appliances and other products and services” — livemint
“This is a good book packed with data, examples, and insight. Whether you know next to nothing, just or little or are quite familiar with the business environments in China and/or India, you will certainly get new information as I did, to widen my horizons. Get this book.” — BIZ INDIA (bizindia.net)
“Pick up the book to know how to create a triple crown: a win in China, a win in India, and a win at home; and to understand the differences and similarities between China and India.” — Business India
“The $10 Trillion Dollar Prize examines the pot of gold at the end of the rainbow for Western manufacturers and explains who these customers really are and how their tastes are changing. But most importantly it offers insights into how to reach them.” — Engineering and Technology Magazine, The Institution of Engineering and Technology
“well worth having on your bookshelf” — Business Traveller magazine
Through vivid profiles and memorable characters such as the Harvard girl and Mrs. Wx Liu, the authors take readers inside the hearts and minds of Chinese and Indian consumers and offer key new insight into how to win them over. — India Business Journal
“an excellent starting point for understanding how China and India are powering the global economy.” — Small Business Trends (smallbiztrends.com)
“The $10 Trillion Dollar Prize is an insightful, brilliant journey into the viscera of the modern consumer in both countries, unravelling in the process the rich tapestry that embellishes both these countries.” “In sum, the book is a “paisa vasool”, or value for money, a term it repeatedly refers to, and one which could redefine the way corporations around the world think about consumers in India and in China.” — Business Standard (business-standard.com)
“…the authors, all of whom work for the Boston Consulting Group, make a convincing case for the importance of this eastward shift in global spending.” — The Financial Times
“The $10 Trillion Prize, through survey data, concrete examples, and on-the-ground reporting, shows business leaders what they’re up against in these two massive markets…” — EuroBiz
Advance praise for The $10 Trillion Prize:
Jerry Stritzke, President and COO, Coach—
“Great insights into the aspirations and driving forces behind the all-important consumers of China and India. A thought-provoking and entertaining glimpse into how these consumers will redefine the future.”
Irene Rosenfeld, Chairman and CEO, Kraft Foods—
“A must-read for consumer companies seeking to capitalize on the explosive growth in India and China, but also a how-to manual for jump-starting growth in more mature, developed markets.”
Jochen Zaumseil, Executive Vice President, Asia Pacific, L’Oréal—
“The authors of The $10 Trillion Prize draw very concrete directions to answer the needs, aspirations, ambitions, and demands of this new generation of consumers.”
Deepak Parekh, Chairman, HDFC—
“Decisively, this is the most realistic and powerful portrayal of Chinese and Indian consumers. No company can shape its future without them. A brilliant guide to unlocking spectacular growth.”
Jim O’Neill, Chairman, Goldman Sachs Asset Management—
“This landmark book documents the rapid growth in consumer spending in China and India over the next ten years. It is an analytic tour de force and a rags-to-riches tale.”
About the Author
Michael J. Silverstein is the author of Trading Up and one of the founders of The Boston Consulting Group’s global consumer practice. Abheek Singhi is the leader of BCG's India consumer practice. Carol Liao heads BCG's China consumer practice. David Michael leads BCG's globalization practice.
Most helpful customer reviews
10 of 10 people found the following review helpful.
Paisa vasool
By B.Sudhakar Shenoy
During the last decade, several books have been written on the great economic potential of China and India, projecting them to be the engines of global economic growth of the twenty first century. Their huge population and a very low base of per capita income were indeed considered to be the very basis that would unleash unprecedented demand for all goods and services, to meet the needs of billions, thanks to the forces of global economic convergence.
While China opened up in 1979, India did so in 1991, and since then both these countries are marching ahead at great speed, in economic terms, compared to the rest of the globe. Global companies that had largely ignored these markets, suddenly realise that they need these markets very badly, not just for growth, but sometimes for their very existence in the transformed global market and value chain in the coming decades.
This book is an excellent work by BCG Consultants, based on in-depth research, feet on the ground approach to estimate the market size for goods and services in China and India in the current decade. As the title aptly says, the annual opportunity is $10 Trillion, by 2020. While China would account for $ 6.2 Trillion, India would be about $ 3.6 Trillion. Cumulatively it would exceed $ 60 Trillion for the decade.
To put this in perspective and to understand the opportunity, the lifetime consumption of a child born in India in 2009 would be 13 times that of his elder citizen born in 1960. This figure for China is a whopping 38 x.
The authors have done insightful analysis and excellent presentation of market segmentation based on per capita incomes of the super-rich, the growing middle class, the bottom poor, demographics, urban-rural consumption patterns, aspiration and key drivers that shape buying behaviour and the resultant demand.
Product sector analysis of how this huge demand would spread across different industry verticals - Food, Housing, Transport, Communication, Health care, Clothing etc., are discussed in detail.
The best part of the book is the finding and presentation that these countries need a very different kind of mind-set and business strategy to succeed. This means that mere replication of products and processes in the developed world are simply prescriptions for failure, for global giants in China and India. These countries need products that are ultra-low cost and multi functionality (called "paisa vasool" in India), innovative business processes and a frugal mind set. While western MNCs have highly advanced technologies and deep pockets and vast experience, reliance on their successful strategies in the West would be their proverbial Achilles heel in China and India.
Local competitors are Ambitious, Aggressive, Audacious and Adaptive to the hilt. These companies for example talk of 10x10, which means 10 times growth in 10 years, which might sound highly impossible and probably lunatic in the developed West. They have an Accelerator mind-set, and are PHD's (Poor, Hungry and Driven).
Scores of examples on strategies and case studies of successful local business giants as well as some western MNCs that have got the recipe right, is a reader's delight.
More than just the data on opportunity, this book presents the DNA for success in China and India.
To me, this book is absolute "Paisa Vasool", worth every penny, sorry, every paisa, since a penny can buy 55 paise at today's exchange rates in India. Penny is expensive in India. For real value, forget the penny and focus on every paisa. This concept is at the crux of this book.
In addition, I recommend the following books as essential reading to succeed in India.
1. " Reverse Innovation" by Vijay Govindarajan and Chris Trimble
2. "Getting China and India Right" by Anil K Gupta and Haiyan Wang,
3. "India Inside" by Nirmalya Kumar and Phanish Puranam
Outstanding work.
7 of 7 people found the following review helpful.
Interesting Read
By marksgill
The $10 Trillion Prize is clearly bullish on China and India, but the optimism is not unfounded. The authors present a wealth of data to back up their assertions about the growth potential of these two consumer markets. On top of that, there are numerous and colorful anecdotes, like the one about a woman farmer in China who built a new house with a two-car garage even though she didn't own a car yet. Just goes to show the ambitions and anticipated purchasing power of the rising middle class in these countries. Well worth a read.
5 of 5 people found the following review helpful.
Get closer to the Chinese and Indian Consumer
By David W Olsen
A must read to help you truly understand the rising Chines and Indian consumer and how to win their hearts and minds. The first book I've read on the subject that delves deep into the motivations, wants and needs of the rising middle class in those countries. A great way to get up to speed and learn how to capture your share of the $10 Trillion Dollar Prize.
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