Contents page
Executive summary 3
Consumption themes 7
— 1) Contribution of private consumption to GDP.....................................................7
— 2) Stage of development ....................................................................................14
— 3) East vs west...................................................................................................21
— 4) Extreme consumption ....................................................................................27
— 5) Rural vs urban................................................................................................33
— 6) Aged consumption .........................................................................................46
Consumption in the future 54
Investment themes and stock picks 60
Food 64
Health 69
Education 75
Death 80
Telecommunications 84
Consumer finance 87
Advertising expenditure 91
Country-specific consumption 95
Cyclical companies in countries with relatively robust near-term
consumption outlook 99
Appendix 1: International context 108
Appendix 2: Key countries—China 132
Appendix 3: Key countries—India 134
Appendix 4: Key countries—Japan 138
Appendix 5: Key countries—Korea 140
Appendix 6: Key countries—Indonesia 143
Appendix 7: 13 Asian consumption facts 146
Appendix 8: Consumption category definitions 147