Having studied international relations and lived abroad for a number of years, I’ve experienced first hand the interconnectivity of our current world. One of the reasons I chose the Oregon MBA is because this program also understands the importance globalization has on business. The Oregon MBA takes it one step further by offering all students a highly subsidized international business trip to Asia to experience international business first hand.

Through the Engaging Asia study tour I was given the opportunity to experience the culture, history, politics, economics, and business of three very distinct cities: Shanghai, Beijing, and Singapore. The two-week trip consisted of meetings and tours with leaders from a wide variety of organizations, from large international businesses, to local start-ups, to government officials. In the course of these meetings and cultural experiences I identified four common trends to watch as I enter my career:

1)   The rising middle class and consumerism: The United States middle class is no longer the driver of the world’s economic growth, with over 109 million people worth between $50,000 and $500,000 in China alone; the Asian-Pacific market is now the most influential consumer class. Since 2000, twice as many Chinese as Americans have joined the middle class (CNN Money)  and by 2030 two-thirds of the world’s middle class will be in the Asia-Pacific region (Jeffrey Towson and Jonathan
Woetzel). What does this mean for international businesses looking for growth? You’d better establish a presence now and start building a relationship with this powerful market.

2)   Young consumers: Asian consumers are significantly younger than their Western counterparts. Chinese born after 1980 represent more than 50% of the Chinese population, and Indian’s median age is only 27. These young people have grown up in a connected world, are more receptive to Western ideas and businesses, and deeply aspire for a better life (Helen H. Wang). They pose a huge opportunity, but are also a difficult segment due to their ability to detect manipulations and false intentions. That’s why authentic brands are crucial.

3)   The importance of authenticity: Asian consumers are getting savvy to fake offerings and poor imitations and now that they have the financial ability, they want the real thing from brands that recognize traditional differences and cultures. What this means for new businessmen and women is that it is going to become vital to have someone on the ground who really understands what the Asian consumer is looking for and his or her pain points.
It is also a huge opportunity for people with strong people and relationship building skills if they are willing to live and work internationally.

4)    The increased awareness of health and happiness in place of money as a symbol of status: Chinese citizens have realized that a higher income doesn’t always have the expected correlation with well-being, thus recent trends have shifted. The increased importance on happiness and welfare as measurements of success has led Chinese citizens to be more physically active, more relationship and community focused, and care more about the state of the environment. Average Chinese citizens are sick of pollution and the illnesses it causes and are demanding more from the government. Chai Jing, for example, became a sensation with over one million YouTube views of her documentary Under the Dome Investigating China’s Smog. However, Chai Jing doesn’t claim to be an extreme environmentalist; she’s just a normal citizen bringing light to the questions that all Chinese have begun asking. She’s just a mom who wants a healthier life for her daughter, as do all Chinese citizens. Corporate social responsibility and sustainability will be vital to the success of businesses operating in Asia.

Written by Natalie Colvin

Natalie is a 2016 MBA from the Center for Sustainable Business Practices. The experience of living abroad in Costa Rica, instilled in Natalie a passion for improving the world. After completing her MBA, she hopes to bring this passion to a career in corporate environmental and advocacy campaigns. Natalie received a dual undergraduate degree in development anthropology and Latin American studies from the University of Arizona honors college where she was also on the equestrian team.