by Fons1 via FlickrChina’s consumers will reduce spending and certainly not offer a way out for US and European companies, says marketing guru Tom Doctoroff in the Shanghai Daily. But he is at loggerheads with other leading voices on the China market, like Shaun Rein, who sees problems for big ticket items like cars and real estate, but sees that 70 of the consumers keep on spending.
Doctoroff has a set or arguments for his dissenting view. China’s middle class has always had relatively smaller amounts of money combined with high saving rates. “The urban middle class has always spend with great discretion,” he writes. “They will continue to spend but only on essential or very cheap non-essential items,” he argues.
The jury is still out on what the Chinese consumers are going to do, whether they will be influenced by a global downturn or domestic factors. Both Tom Doctoroff and Shaun Rein are some of the leading voices on China’s development and both belong to the China Speakers Bureau. Are you interested in having them as a speaker, let us know.Shaun Rein
by Fons1 via Flickr