Rabu, 21 Januari 2009

CONSUMERS THRIFTIER IN CHINA

People are busy shopping at Shanghai's old town market ahead of The Lunar New Year Holidayk, but the festive mood has been dampened this year by the global economic crisis. A variety of lunar new year decorations hang in these stalls, some wishing for a prosperious new year while others sing out for good fortune.

But consumers in China are having a hard time convincing themselves og good times to come in the year of the ox as the global economic downturn has sent exports to The United States and Europe plinging. The Chinese Lunar New Year week-long holiday has always been the main shopping and partying event of the calendar in China, and past records show it typically a time for people and companies to splash out.

China has enjoyed phenomenal economic growth for years, giving a huge boost to its domestic consumtion. Young consumers, mostly in their late twenties and early yhirties, would spends as much as they earned, if not more, on designer clothes, electronics, entertainment and a wide variety of consumer goods. But recent consumer surveys have shown that they are becoming thriftier and the immediate impact is the belt-tightening for the festive period.




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