China & India consumption to take off

Policymakers in China and economists around the world have been calling for the country to shift its economic model towards more domestic consumption in the long term. With China's September retail sales handily beating expectations, this is another bright spot for the future of consumer spending in the world's second largest economy. --And it's not just China.

According to a new study by the Boston Consulting Group, consumer spending in the world's two largest emerging market economies, -China and India- is set to explode to 10 trillion dollars by 2020.

According to a new study by the Boston Consulting Group, domestic consumption in China and India will triple from 2010 levels to a combined staggering 10 trillion dollars a year by 2020.

David Michael, a co-author of BCG's new study, "The $10 Trillion Prize: Captivating the Newly Affluent in China and India" says the upcoming middle class in both these countries will lead to an unprecedented consumer revolution.

But some economists are saying slower Chinese growth will be the new normal going forward and both India and China are relatively high saver nations, can consumption really reach 10 trillion dollars by 2020?

With the 10 trillion dollar prize set, the question that then arises is, how can businesses capture this astounding growth in these emerging market giants?