China Retail Market
The document is an extract from the Internet site china232.com and we don't know when the textwas written but it seems to be recent. The text deals with a new situation in China and it concentrates on young middle class professionals who have started buying luxury product this is influencingChinese people's personal and financial situation.
The text describes the new situation in China, particularly in first and second tier cities. In fact the young middle class people want tospend money on luxury goods although they don't have the money consequently they buy on credit. For example ine the text, there is a passage who point out that the Chinese can spend more than onemonth wages. It is said that if a person doesn't buy luxury products it's not fashionable and the problem is peer pressure. It may be asserted that the new situation creates tensions between young and oldChinese people, indeed for the older generation it's impossible to spend so much money on gadgets. Besides for the old generation influenced by communism it's obscene to spend money on unnecessarygoods.
In brief, there are two sides to this situation and this is a cultural revolution for China.
One the one hand we can say that buying things on credit could be angerous and verybad for young people because it can ruin so much so that they could become homeless and sleep in the street. On the other hand, it's good for the banks because they make big profits.
Branching out:The China is a topic of current interest, firstly for example there is much talk about the chinese money currently and and the fact that after Europe and the U.S. China should revalue its...