OPINION

Asia's consumer tipping point

Oped, Juan Caballero & Wolfgang Fengler, Published on 17/09/2024

» With market turmoil recently capturing headlines, it is easy to lose sight of the long-term forces which have been shaping Asia's development. While Asian markets, especially the Nikkei, experienced sharp losses in recent weeks, a positive tipping point has been reached as well: for the first time ever, over half of Asia's 4.8 billion people are part of the global consumer class, defined by the World Data Lab as those spending more than US$12 (400 baht) per day in purchasing power parity prices.