Weighed down by the size of its big-box stores and facing competition from more nimble online-only competitors, Best Buy is embarking on a "transformational strategy," its executives said. For the company's finance chief, Jim Muehlbauer, that will mean dealing with $800m in cost cuts over the next three years.

Most large consumer-facing companies realize that they will need China to power their growth in the next decade. But to keep pace, these companies will also need to understand the economic, societal and demographic changes shaping the profiles of consumers and the way they spend. This is no easy task not only because of the fast pace of growth and subsequent changes in the Chinese way of life but also because of the vast economic and demographic differences across the country.