8 Growth in the far East
Americans aren't the only ones with a taste for luxury. Middle-class Chinese, numbering nearly 100 million—a figure expected to double in five years, says Tom Doctoroff, CEO of JWT Greater China—shell out big yuan for Louis Vuitton handbags, Cartier watches and other luxe goods. Just one example of the growth of China's consumer culture. Ad spend in China was expected to grow 16 percent this year to more than $10 billion; India was set to see 12 percent growth to more than $3 billion, says CSFB. In India, the middle-class population is forecast to grow from 92 million in 2002 to some 153 million in 2010, an HSBC report says. Omnicom's vice chairman Tim Love says agencies shouldn't expect print and TV to dominate for long. Tech-savvy Indians and Chinese use their cell phones for everything from e-mail to video viewing, says Love, and will expect advertisers to stay ahead of that curve.