India, China consumer spending to triple to $64tn by 2020: BCG
Boston Consulting Group predicts consumers in China and India will spend a combined total of $64 trillion on goods and services in the decade leading up to 2020, reports said.
Annual spending on consumer goods will be three times the level spent in 2010, according to "The $10 Trillion Prize: Captivating the Newly Affluent in China and India".
The middle class in the two countries is expected to reach 1bn by 2020, BCG said, noting that in India, the proportion of middle-class people is expected to grow to 45% in 2020 from 28% in 2010.
BCG said Western companies need to win over the growing middle class of the two countries via long-term strategies adapted to the future spending habits of these new consumers.
We are at a turning point in history where relative wealth will shift from the West to China and India, but absolute wealth, including in the West, should increase," said Michael J. Silverstein, a senior partner at BCG and the book's co-author.
The business strategy consultancy named Kraft, Yum! Brands, PepsiCo, Gucci, LVMH, BMW, and Pernod Ricard as companies that have deployed successful strategies in these countries.
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Woolworths to create real-estate investment trust: reports
Woolworths Ltd. reported that it will spin off shopping centers worth a combined 1.4 bn Australia dollars (US$1.43 billion) into a separately listed company.
According to reports, each Woolworths shareholders will get one stapled security in the newly created real estate investment trust for every five Woolworths shares they own.
The company also intends to launch an issue of new securities in the trust--to be called Shopping Centres Australasia Property Group--to raise between A$425 million and A$506 million, reports added.
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