CHINA'S RISING RETAIL MARKET
Chinese youth intend to spend "considerably more" in 2008 than they did in 2007. Multinationals had better start thinking young
Shaun Rein
Business Week, April 2, 2008
The subprime debacle has rattled retail sales in the U.S., forcing many companies to downgrade sales estimates as consumers shy away from checkout counters. Luxury retailers and credit-card companies in the U.S. have recently reported bearish projections for the coming quarters.
China, however, is a retail market on the rise. In 2007 China posted 17% growth in retail spending. Electronics retailers Guomei and Suning posted record numbers, and both paint positive pictures for the future as Chinese consumers continue to buy LCD TVs from LG Electronics and mobile phones from Nokia.
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