Today’s world is rooted in technology. Its economic axis has shifted, East and is driven by the millennials — that is individuals between the age of 16 and 36, accounting for some 1.8 billion worldwide, making up 23 percent of the global population. There are roughly 80 million of them in the US alone, who spend US$600 billion every year. In less than 10 years, three out of every four workers (75 percent) globally will be a millennial.

In 2020, millennials had the most spending power of any generation in our history, close to US$2.5 trillion, US$17 billion of which was spent on pet food and pet care.

At the moment, this demand is served by China. 

In 1980 China had a per capita income of US$200, today it is 40 times bigger, at US$8,242, with one of the fastest-growing middle classes in the world. Between 2000 to 2018 China’s middle class is estimated to have grown from three percent of its population to more than 50 percent, with 700 million Chinese. This is twice the population of the United States (The World Bank).

Jamaica has a geographical advantage over China. We need to take advantage before these opportunities pass us by!

It was not just China. Between 1990 and 2010, the world’s center of economic gravity had moved more quickly than at any other time in recorded history. Emerging economies such as India, Indonesia, Russia, and Brazil are now major forces in global manufacturing.

The truth is there is no new world coming, it has been here for a while now; ever-changing and dynamic with no fixed rules for success or guaranteed patterns of protection to give us a head start on larger countries. This is why it was imperative to orient our nation’s approaches around preparations for our youth to succeed in the global marketplace.

When we imagine our target markets, we need not limit ourselves to Jamaica, CARICOM, and English-speaking nations. We should also consider the USA, Cuba, Dominican Republic and Haiti—locations with high populations that are less than a day’s sail away. Do not be intimidated by language barriers. Instead, consider it your challenge: learn a new language and unlock countless opportunities for growing wealth.

The new world is already here. Will you seize these opportunities or lament your hesitation later on? The choice is yours alone.