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The $10 Trillion Dollar Prize: Captivating the Newly Affluent in China and India
     

The $10 Trillion Dollar Prize: Captivating the Newly Affluent in China and India

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by Michael J. Silverstein
 

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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?

Overview

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.

Editorial Reviews

From the Publisher
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.”

Product Details

ISBN-13:
9781422187050
Publisher:
Harvard Business Review Press
Publication date:
10/02/2012
Pages:
336
Sales rank:
913,450
Product dimensions:
6.40(w) x 9.34(h) x 1.08(d)

What People are Saying About This

From the Publisher
As seen in The Wall Street Journal, Fortune magazine, Forbes.com, Bloomberg TV, Businessweek, The Economist, and BBC Radio

“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

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.”

Meet 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.

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The $10 Trillion Dollar Prize: Captivating the Newly Affluent in China and India 5 out of 5 based on 0 ratings. 1 reviews.
SilviaHodges More than 1 year ago
Claim your share of $10 Trillion: This book tells you how. At first glance, “The $10 Trillion Prize” is a must for anyone doing or planning on doing business in China and India; on second thought, any business leader worth his/her bonus should read this book. Here’s why: The authors –world-leaders in their field– estimate that consumer markets in China and India will triple by 2020, amounting to $10 trillion (annually!) – dwarfing the North American and European markets. Which company in its right mind wouldn't want to win its share in this once-in-a-lifetime prize? This book provides business leaders and entrepreneurs with the blueprint for this quest. In addition, the quality/value strategies laid out in “The $10 Trillion Prize” couldn't be more relevant today also in other markets around the world: emerging economies as well as established (but battered) economies such as North America and Europe. Based on scintillating research, “The $10 Trillion Prize” explains and showcases the different types and tiers of consumers in the two giant economies, their preference and aspirations. I particularly liked the little vignettes of Chinese and Indians consumers and their choices, sprinkled throughout the book. Why do they do the things they do? What do they dream of? What do they want? The vignettes give you the answers. “The $10 Trillion Prize” also makes you wonder which business concepts would work in other cultures. For example, why is KFC the big hit in China?! Long story short, “The $10 Trillion Prize” is insightful, intelligent, in-depth – and a pleasure to read. I highly recommended “The $10 Trillion Prize.” Someone will win the $10 Trillion. Miss out at your own peril.