Researching subsistence markets: insights from rural China
Dr. Theresa LooConsultant BWG Shanghai
INTRODUCTION
The global market can be seen as a five-tiered pyramid. The uppermost tier consists of 75 to 100 million people earning more than US$20,000 a year. These people are considered as the elite, upper and middle-income segments of society, with most of them living in developed countries. The second and third tiers, estimated to be approximately 1.75 billion people, consist of the rising middle classes who live mostly in developing countries and earn between US$1,500 to US$20,000 a year. At the bottom, in tiers four and...