Will The Chinese Shop For U.S. Goods Until They Drop?
The Chinese could become your No. 1 consumers for American products, particularly the high end kind.
Yes, the Chinese could eventually afford to shop for U.S. goods until they drop. As of now, the Chinese are no slouches when it comes to liking nice things. According to the World Luxury Association, they already consume 27.5 percent of the world's luxury products.
That percentage could explode. Since last February, minimum wages in China have shot up 20 to 30 percent, reports Bloomberg Business Week. Part of that has been the result of the serial suicides by oppressed Chinese workers at the Shenzhen factory of Foxconn. The world media took note, especially since that factory supplied companies like Wal-Mart.
Part has been the growing sophistication of the work force. They are less willing to trade their rural lives for a low-paid job in the city. China watchers expect thatincreases to continue.
If you're starting up or expanding a business, you might want to learn a lot more about the Chinese culture.