Chinese Youth Wallets Are the Target: A US$9 Trillion Digital Youthquake
The battle is on for the hearts, minds (and wallets) of Chinese Millennials. According to Futurologist Rocky Scopelliti who has just released a new book Youthquake 4.0 – A Whole Generation and The New Industrial Revolution, said “Chinese Millennials wallet size has surged to exceed that held by the average Chinese adult population by 16 per cent.”
“The share of Millennial-controlled global wealth in Asia Pacific has reached 45 per cent, exceeding the America’s by 22 per cent and Europe, Middle East, Africa by 14 per cent. By 2020, this will double to US$35.3 trillion1. To put this into perspective, by the same time, US GDP is projected to be only US$22 trillion and Eurozone US$13 trillion. Chinese Millennials are the first in Asia to become the most valuable demographic group, and an economic force to be reckoned with” said Scopelliti.
Scopelliti explains that the 21st century will be shaped by Millennials who have become the largest demographic group on the planet – 58 per cent to which are located in Asia Pacific. Their influence as consumers, employees and investors will only increase from this point on.
Published globally by Marshall Cavendish, the world-first book deconstructs contemporary global issues, super-charged by the impact of Millennials influence and the 4th Industrial Revolution.
“Asia became the ‘factory’ for the 3rd Industrial Revolution, adapting to shifting global economic and technological developments demonstrating its capacity to adapt to shifting global economic and technological developments and continually recreating comparative advantage. Asia is on the cusp of eclipsing the US for the world’s biggest venture capital market attracting a total funding of US$70.8 billion in 2017 to America’s US$71.9 billion”2 and is set to leapfrog the US into the 4th Industrial Revolution” said Scopelliti.
Investments in emerging technology breakthroughs in the areas of artificial intelligence, robotics, the Internet of Things (IoT), autonomous vehicles, 3D printing, biotechnology, nanotechnology, materials science, energy storage, blockchain and quantum computing are laying the foundations of the Asian century.
As a world-renowned futurologist, more than 150 boards and leadership teams – including Fortune 100 companies – seek Scopelliti’s strategic advice annually.
1 Boston Consulting Group (2016), ‘Global Wealth Market Sizing Database’
2 PricewaterhouseCoopers and CB Insights’ 2017 MoneyTree