Chinese hit London for a spendthrift Lunar New Year
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"I just love London," Adaeze informed me, "the people, the sites and, of course, the shops."
As she contentedly sifted through her countless Burberry, Prada, Ralf Lauren and Juicy Couture bags, I asked Adaeze why shopping was so attractive in London to the Chinese.
"You know you won't buy anything that is fake here and that it will be genuine. Compared to China, most of the designer brands are nearly 30% cheaper in London. You can basically pick up a bargain," said Adaeze.
The young, bright and obviously well-educated Chinese lady went on to tell me about the growing bourgeoisie in China and how designer western brands are increasingly becoming a symbol of wealth and status.
"This is my fifth time to London in the last five years and I spend about ￡1,800 on designer clothes and accessories each time I am here. I can afford it, why not?" Adaeze added.
And why not in deed. With China's rising levels of income and increasing middle class, new opportunities have arisen, including the opportunity to travel and spend some of this new-found disposable income. And London should be lapping up this surge in trade from tourists and their spending habits, as the growing numbers of Chinese arriving in the UK seems to be compensating for the declining number of American tourists. Not only this, but in 2009, the Chinese spent an average of ￡1,310 in the UK, compared to the ￡753, their US counterparts spent.
The only fear now is that western designer brands will follow in the footsteps of savvy Levi Strauss & Co, and start selling their products cheaper to tap into the nation's growing middle classes. Either way, China's bourgeoisie society look set to have a spendthrift Lunar New Year.
The author is a columnist with China.org.cn. For more information please visit: http://www.shenbo75.com/opinion/node_7077604.htm
Opinion articles reflect the views of their authors, not necessarily those of China.org.cn
