Strong and persistent economic growth in Asia over the past two decades has seen the emergence of a substantial middle-class, emergence of a substantial middle-class, which has significantly reduced absolute poverty levels. As a result, consumption expenditure patterns in developing and emerging Asian countries, largely by the middle-class, have increased rapidly, reaching about a third of those of the OECD countries.
Within Asia, rapidly fluctuating demographics, rising incomes leading to increased consumer spending, and a progressively liberal business environment have made these emerging economies increasingly attractive to Western businesses across a diverse range of industries. This shift has been underpinned with declining sales in Western domestic markets and has forced many companies to look to Asia as the driving force for their long-term global growth strategies.
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