Stock Crash Not Slowing U.S. Sales to China
- July 29th, 2015
- in Digibytes - Insight on Curated China Digital News
“A report out in mid-July from the Brookings Institution says that less than 7 percent of urban Chinese own stock, preferring to invest in property, or to hold their money in bank savings accounts. So while none are immune to larger ripple effects in the economy, few are actually directly affected. What’s more, a white paper out Tuesday from e-commerce company PayPal, which went public last week, sheds light on the enormous middle class who seem to still be buying, with a particular focus on U.S.-made goods sold online.
It turns out that U.S. retailers are the No. 1 destination for Chinese buyers looking to purchase overseas, ahead of Hong Kong, Japan and the United Kingdom. And they are finding U.S. merchants through Chinese and other search engines, as well as through U.S. retailers’ own websites.
The chief reasons they like to buy American, the survey data suggests, is the perceived quality and better prices of U.S. products. And U.S. products have an aspirational quality as well, for consumers who want the social cache of owning western items.”