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Emerging Markets: The New Global Growth Driver

Emerging Markets: The New Global Growth Driver . October 2010. Citi Investment Research & Analysis Themes Strategist Michael Geraghty Email: michael.j.geraghty@citi.com Tel: +1 (212) 816 7291.

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Emerging Markets: The New Global Growth Driver

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  1. Emerging Markets:The New Global Growth Driver October 2010 Citi Investment Research & Analysis Themes Strategist Michael Geraghty Email: michael.j.geraghty@citi.com Tel: +1 (212) 816 7291 See Appendix A-1 for Analyst Certification, Important Disclosures and non-US research analyst disclosures Citi Investment Research & Analysis is a division of Citigroup Global Markets Inc. (the "Firm"), which does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Published 30 September 2010

  2. Emerging Markets: The New Global Growth Driver Annual Change in U.S. Consumer Spending and Capex in Asia ex. Japan Source: CIRA

  3. A Middle Class Story in China and India Emerging Market Consumerism Global Population Projection byIncome Tier Global “Middle Class”by Developing Region Source: CIRA estimates, World Bank

  4. Retail Sales: China and Japan (US $ Bn.) EM Consumerism is Already a Force Source: CEIC Data Company Limited

  5. Changing Diets What Goods Will They Buy? Expenditures by Category in India as a Percentage of Total Final Consumption Expenditures GDP per Capita and Food Expenditures per Capita Source: CSO, United Nations Statistics Division, CIRA

  6. Changing Lifestyles What Goods Will They Buy? Personal Care CategoryPenetration in India Percentage of Retail Sales Generated Through Modern Formats Source: Euromonitor International, MRUC, Hansa Research

  7. Changing Lifestyles What Goods Will They Buy? China’s Per Capita Annual Expenditures on Consumer Goodsfor Recreational Use (Yuan) Indices of Spending on Personal Travel and Tourism(2005 = 100) Source: Statistics of China, World Travel and Tourism Council

  8. The Appeal of Brands What Goods Will They Buy? How Well Do the Following Attributes Describe Products Made in China? Asia’s Top 2010 Brandsin Three Categories Source: Interbrand and TNS

  9. Spending on Three Services as % of GDP What Services Will They Use? Source: Swiss Re, WHO, UNESCO, CIRA

  10. Financial Services What Services Will They Use? “Insurance Density” — Total Premiums per Capita (2008) Debit Card Holdings Per 100 Adults Source: Bank of China, Reserve Bank of India, Swiss Re

  11. Financial Services What Services Will They Use? Household Savings as a Percentage of Disposable Income Equity Mutual Fund Assets in India (Rupees in units of 10 million) Source: OECD, CIRA, Association of Mutual Funds in India

  12. Healthcare Services What Services Will They Use? Percentage of China’s Population Covered by Basic Medical Insurance Expenditure on Health in India: Private and General Government (2007) Source: China Ministry of Health, CIRA, WHO

  13. Education Services What Services Will They Use? Students in China Taking National College Entrance Exam in 2009 (Thousands) Gross Enrollment Ratio at Third (University) Level(2007) Source: National Bureau of Statistics of China, UNESCO

  14. Well-Positioned Companies Source: CIRA

  15. Well-Positioned Companies Source: CIRA

  16. Stocks Mentioned Source: CIRA

  17. Stocks Mentioned United laboratories (3933.HK; HK$15.06; 1M) Source: CIRA

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