Are we right to pin our hopes on Asian consumers?

Since US shoppers have been forced to tighten their belts, the scouts are out for a new group of consumers to fill the global spending void.

Asia’s new bourgeoisie seem to fit the bill. Eastern and Western lifestyles, long subject to both cultural and economic divides, are beginning to converge. And from an investor’s point of view, the emergence of a relatively affluent Asian middle class with spending power is a beguiling idea. China’s populace, in particular, is keen to flaunt its new-found wealth. Wages are rising faster than ever and employees are rushing to spend them on luxury goods, as well as recreation and housing. But what if this unaccustomed largesse is not Asia’s only recent western import? The market turmoil...