Kerry Pianoforte, Editor01.20.20
In this month’s feature article on interior coatings, manufacturers cited a number of factors driving growth. One factor that was recognized by all companies I interviewed was the influence of an increasingly large middle class in emerging markets such as China, India and SE Asia.
Mae Tan, PPG strategic planning manager, Asia Pacific said, “There will be a positive impact on the interior coatings market in the Asia Pacific region due to growing disposable income, therefore driving demand from the DIY customer and pro painters.”
China and India Lead the Way
According to a report published in September by CaixaBank Research, during the past decade the world’s middle-class population has doubled to 3.6 billion people. China and India – the two largest emerging-markets nations – contributed to approximately 60 percent of that growth.
“The middle class is experiencing significant growth in emerging countries – so much so that the strong economic growth and favorable demographic trends of the Asian continent (with China and India at the helm) will make the Asian middle-income consumers the world’s new pillar of consumption,” Senior Analyst Clàudia Canals wrote in the report. “The emergence of the middle class: an emerging-country phenomenon. In addition, not only will its strength more than offset the stagnation of the middle class in advanced countries, but it has the potential to become a key driver for global growth.”
According to the report, the consumption of the middle class is a key driver of global demand. With more disposable income comes more purchasing power and consumers will continue to purchase more luxury items – including higher-quality interior coatings – for their home.
According to Brad Wheeler, director – Alternate Channels at Dunn-Edwards, “the increase in disposable income in India, Southeast Asia and Africa has had a positive but limited impact on the interior coatings market.
“However, it is known that American-made brands such as Dunn-Edwards and others are often considered to be makers of high quality and eco-efficient products with highly desirable color palettes. It is quite common for the super-wealthy in those economies to showcase imported luxury interior finishes in private residences as well as high-end commercial spaces. Further, Western design sensibilities are also becoming more of a curiosity, and there is evidence of increasing the promotion of broadening design aesthetics in those markets. There are malls in China for the super-wealthy and high-end commercial real estate elite showcasing everything from $500 doorknobs to $150 per gallon paint.”
Mae Tan, PPG strategic planning manager, Asia Pacific said, “There will be a positive impact on the interior coatings market in the Asia Pacific region due to growing disposable income, therefore driving demand from the DIY customer and pro painters.”
China and India Lead the Way
According to a report published in September by CaixaBank Research, during the past decade the world’s middle-class population has doubled to 3.6 billion people. China and India – the two largest emerging-markets nations – contributed to approximately 60 percent of that growth.
“The middle class is experiencing significant growth in emerging countries – so much so that the strong economic growth and favorable demographic trends of the Asian continent (with China and India at the helm) will make the Asian middle-income consumers the world’s new pillar of consumption,” Senior Analyst Clàudia Canals wrote in the report. “The emergence of the middle class: an emerging-country phenomenon. In addition, not only will its strength more than offset the stagnation of the middle class in advanced countries, but it has the potential to become a key driver for global growth.”
According to the report, the consumption of the middle class is a key driver of global demand. With more disposable income comes more purchasing power and consumers will continue to purchase more luxury items – including higher-quality interior coatings – for their home.
According to Brad Wheeler, director – Alternate Channels at Dunn-Edwards, “the increase in disposable income in India, Southeast Asia and Africa has had a positive but limited impact on the interior coatings market.
“However, it is known that American-made brands such as Dunn-Edwards and others are often considered to be makers of high quality and eco-efficient products with highly desirable color palettes. It is quite common for the super-wealthy in those economies to showcase imported luxury interior finishes in private residences as well as high-end commercial spaces. Further, Western design sensibilities are also becoming more of a curiosity, and there is evidence of increasing the promotion of broadening design aesthetics in those markets. There are malls in China for the super-wealthy and high-end commercial real estate elite showcasing everything from $500 doorknobs to $150 per gallon paint.”
