Asia’s consumers are taking the global lead when it comes to spending on tech gadgets. As Tara Joseph reports, an expanding middle class is expected to make up half the world’s spending on consumer tech by 2020.
Asia’s tech spending rivals rest of the world
A familiar site on a daily commute in Asia.
But there’s a whole lot more to the consumer electronics story than meets the eye.
SOUNDBITE (English) REUTERS REPORTER, TARA JOSEPH, SAYING:
“I’m Reuters Tara Joseph in one of Hong Kong’s biggest electronics centres.
A new report from research firm Euromonitor says Asians will spend more than 300 million dollars on consumer gadgets in 2016…
That’s roughly three times the total in the United States.
Fast forward to 2020 and that gap is only going to grow…
with Asia’s expanding middle class expected to make up half the world’s spending on consumer tech.”
China’s an obvious guess when it comes to Asian countries on a tech-spending tear.
It’s got more than 700 million Internet users, increasingly hooked on all thing digital, from online shopping to video games .
But smaller emerging market economies are playing a growing part pushing up spending.
Young people in countries like Vietnam are moving to cities, having fewer children, and splashing out their hard earned cash on themselves.
Even Myanmar – which until a few years ago didn’t even have mobile connectivity – is quickly getting wired.
Asia’s become a boon for US titans like Apple to Facebook…
But home grown competition’s giving them a major run for their money, especially in China.
Xiaomi is now the third-largest smartphone maker in the world…
Paving the way for other up-and-comers like Oppo and its Asia-friendly model the “selfie phone”…
a product that definitely knows how to play to its audience.