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In this three minute vedio, Stephen Roach, a professor at Yale University and former nonexecutive chairman of Morgan Stanley Asia, summarized one of the key points of my book The Chinese Dream: China is well on its way to “create a consumption dynamic that will outstrip the growth of any consumer market in the world,” how the U. S. should embrace the opportunity, and why improving the China–US bilateral relationship is so critical for the economic future of both countries. 
Anyone who has visited Chengdu, a second-tier city in western China, cannot miss the ostentatious signs of Louis Vuitton and Cartier in its downtown. According to Chengdu Retail Industry Association, Chengdu is home to 80 percent of international luxury brands and ranked third behind Beijing and Shanghai in luxury sales. A cover story in Chengdu Today, “Global Luxury Brands Stride Forward in Chengdu,” reveals that Chengdu municipal government has set a goal to bring “twenty famous international brands to Chengdu every year” and “by 2015, primacy ratio of international first-tier brands will reach 80 % or above in western China.” Hurray and hurry, luxury goods companies! In 2010, Chengdu’s retails sales reached $5.8 billion. Much of it went to luxury brands such as Hermes, Burberry and Prada. Louis Vuitton alone registered record sales of $138 million. Cartier generated more revenue in Chengdu than in any other city in China. Continue reading Profile of Chinese Luxury Shoppers
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Copyright © 2012 HELEN H WANG - All Rights Reserved |
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