接上文：
《經濟學人》精讀28：India’s missing middle class（part 1）
Eating their words
Fast-food chains once spoke of a giant market. Their eyes were bigger than Indian stomachs. Despite two decades of investment McDonald’s has hardly any more joints in India than in Poland or Taiwan. The likes of Domino’s Pizza and KFC have struggled to come close to expectations that were once sky-high. Starbucks says it has big plans for India but has opened about one new coffee shop a month over the past two years, bringing its total to around 100—on a par with?Utah?or the United Arab Emirates. A new Starbucks opens in China every 15 hours, adding to 3,000 already operating.
Executives remain relentlessly upbeat in public—even if investments do not always follow. Anurag Mehrotra, boss of FordIndia, told the Financial Times in May that car sales in India were set to double every three to five years. That would be an extraordinary change in fortunes: sales grew by less than 20% overall in the six years to 2016. There is one car or lorry for every 45 Indians, according to OICA, a trade group. The Chinese own five times as many. Motorbike sales have grown fast but only because their price has tumbled by 40% since 2000, points out Neelkanth Mishra of Credit Suisse, another bank.
upbeat: positive and cheerful: happy and hopeful
CEO們都還對印度這個市場保持樂觀態度，盡管投資的資金卻不這么“認為”
India-boosters point to middle-class services that have taken off. With 20% annual growth in passengers, aviation is already booming at the rate Mr Mehrotra hopes to see in the car industry. But taken together, all India’s domestic airlines are no larger than Ryanair, the world’s fifth-biggest carrier, according?to Flight Global, a consultancy.?SpiceJet, an airline, says that 97% of Indians have never flown. A mere 20m Indians travelled abroad in 2015, about one in 40 adults.
Optimists also argue that the rapid growth of things like Chinese mobile-phone brands shows that the Indian middle class is out there and spending—just not on Western brands. Locally based fast-food chains that?undercut?McDonald’s or KFC have done much better than the new arrivals.?But local consumer businesses face much the same problem as multinationals. Inditex, Zara’s parent firm, has 46 clothes shops in India, fewer than in Ireland, Lithuania or Kazakhstan. For the kind of goods the global middle class aspires to own at least, executives whether at global or local firms clock the number of potential customers at 50m and no more. Even selling basic consumer goods does not necessarily work. Hindustan Unilever, which?purveys?sachets of shampoo for just a few rupees, has seen virtually no sales growth in dollar terms since 2012.
97%的印度人沒有坐過飛機，2015年2千萬的印度人出國旅游，占人口的40分之一（這不是挺多的么？）
undercut: to offer to sell things or work for a lower cost than(another person or company)
purvey: 這個單詞在part one出現過
“The question isn’t whether Zara or H&M; can open 50 stores in India. Of course they can. The question is whether they can open 500,” says a banker who asks not be named, on the ground that it is best not to be seen questioning the Indian middle-class narrative.“You can try to push beyond the 50m people who have money, but how profitable would that be? Companies can expand for a time, but the limits to growth are getting obvious.”
The bullish argument that brought Western brands to India was basically this: although the country remains, for the most part, very poor, its population is so enormous that even a relatively small middle class is large in absolute terms, and fast overall growth will, as in China, quickly increase its size yet further.?This assumes two things.?One is that the middle class in India is the same relative size as in other developing countries where marketers have succeeded in the past. The other is that growth will benefit this middle class as much as other parts of the population. Neither is true in India, which as well as being poor is deeply unequal, and becoming more so.
那些對印度市場樂觀的西方品牌有兩個假設： 第一就是印度中產的比例和其他國家一樣，第二經濟增長使中產階級受益程度和其余的人一樣，這兩個假設在印度都不成立
For all the talk of wanting to tap the middle class, no firm moving into India thinks it is targeting the middle of the income distribution. India’s mean GDP per head is just $1,700, and 80% of the population makes less than that. Adjust for purchasing-power parity by factoring in the cheaper cost of goods and services in India and you can bump the mean up to $6,600. But that is less than half the figure for China (see chart2) and a quarter of that for Russia. What is more, foreign companies have to take their money out of India at market exchange rates, not adjusted ones.
Defining the middle class anywhere is tricky.?India’s National Council of Applied Economic Research has used a cut-off of 250,000 rupees of annual income, or about $10 a day at market rates.Thomas Piketty and Lucas Chancel of the Paris School of Economics found in a recent study that one in ten Indian adults had an annual income of more than $3,150 in 2014. That leaves only 78m Indians making close to $10 a day.
Meagre?market
Even adjusting for the lower cost of living, that is hardly a figure to set marketers’ heartbeats racing. The latest iPhone, which costs $1,400 in India, represents five month’s pay for an Indian who just makes it into the top 10% of earners. And such consumers are not making up through growing numbers what they lack in individual spending power.The proportion making around $10 a day hardly shifted between 2010 and 2016.
Another?gauge?is whether people can afford the more basic material goods they?crave. For Indians, that typically means a car or scooter, a television, a computer, air conditioning and a fridge. A government survey in 2012 found that under 3% of all Indian households owned all five items. The median household had no more than one. How many of them will be anywhere near able to buy an iPhone or a pair of Levi’s if they cannot afford a TV set?
To get in the top 1% of earners, an Indian needs to make just over $20,000. Adjusted for purchasing-power parity, that is a comfortable income, equating to over $75,000 in America. But in terms of being able to afford goods sold at much the same price across the world,whether a Netflix subscription or Nike trainers, more than 99% of the Indian population are in the same league as Americans that count as below the poverty line (around $25,000 for a family of four), points out Rama Bijapurkar, a marketing consultant.
gauge: something that can be used to measure or judge something else
crave: to have a very strong desire for something
印度家庭最想要擁有的5樣東西：車或摩托，電視，電腦，空調和冰箱，只有3%的家庭擁有這5樣，很多家庭只有其中一件。如果連電視都買不起，怎么會買蘋果手機和levis牛仔褲？
The top 1% of Indians, indeed, are squeezing out the rest. They earn 22% of the entire income pool, according to Mr Piketty, compared with 14% for China’s top 1%. That is largely because they have captured nearly a third of all national growth since 1980. In that period India is the country with the biggest gap between the growth of income for the top 1% and the growth of income for the population as a whole. At the turn of the century, the richest 10% of Indians made 40% of national income, about the same as the 40% below them. But far from becoming a middle class, the latter’s share of income then slumped to under 30%, while those at the top went on to control over half of all income (see chart 3).
Such economic success at the top leaves less for everyone else. Consider the 300m or so adults who earn more than the median but less than the top 10%. This group has fared remarkably badly in recent decades. Since 1980, it has captured just 23% of incremental GDP, roughly half what would be expected in more egalitarian societies—and less than that captured by the top 1%. China’s equivalent class?nabbed?43% in the same period.
印度最有錢的那1%的人占據著全國財富的22%，中國的這個比例是14%。印度的貧富差距更大，而且還在拉大！
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Lexile?Measure: 1100L - 1200L
Mean Sentence Length: 17.96
Mean Log Word Frequency: 3.28
Word Count: 1185
這篇文章的藍思值是在1100-1200L， 適合英語專業大二的水平學習，是經濟學人里普通難度
使用kindle斷斷續續地讀《經濟學人》三年，發現從一開始磕磕碰碰到現在比較順暢地讀完，進步很大，推薦購買！點擊這里可以去亞馬遜官網購買~
