While much of the talk about China is about slowing growth, WPP China CEO Bessie Lee highlights the increasing power of mobile in a market that’s still expanding.
By Jo Bowman
Bessie Lee is quick to set observers straight if they think the wheels have fallen off the China market. Yes, she concedes, the growth rate in the national economy has slowed to half what it was a decade ago. But with 6.5% GDP growth in 2015, that still puts most large economies in the shade, and makes China a huge powerhouse that’s still expanding.
By Ross McKinnon and Talia S. Foster, M.S.
Biosimilars may offer lower-cost versions of existing biologic therapies – but a survey of Japan/Asia/Pacific (JAPAC) clinicians finds some confusion regarding differences between original biologics and biosimilars that may affect patients.
Assumptions about where products are made may be lasting, but strong Asian brands are moving up the ladder.
National stereotypes, rightly or wrongly, influence people’s decisions on where they live and work, where they invest, the products and services they buy – and at what price. Buyers – and producers –of Swiss watches, German cars, French fragrances, Korean televisions and Singaporean clean governance know this well, and their competitors do too. In Hong Kong, Chinese entrepreneur Jimmy Lai famously called his fashion chain Giordano to make it sound Italian, giving it some instant design credibility. Similarly, British electronics retailer Currys branded a range of goods sourced from across Asia “Matsui,” complete with a rising sun logo, to give it an air of Japanese-ness, even though none of the goods were actually made in Japan.
Myths about mature markets
So let’s start with what we all should know. When marketers talk about Asia, they usually make the mistake of talking youth. It is true that countries like Indonesia, India and Vietnam have very large populations in which the great majority of people are young, but the real demographic story and opportunity in the region is the over-60 cohort. Four of the five oldest age profiles in the world are Japan, Hong Kong, Taiwan and South Korea. One of the fastest aging societies is Thailand. By 2030, one-third of China’s GDP will be managed by the 400 million of its citizens older than 60. The fastest growing population segment in nearly all Asian countries is the 50-70s.