As for the past centuries, Chinese are taught to save money and plan for future, as least I was taught by my mother when I was young. American spends their future money, they invented the Credit card, and they buy by installments. They have little saving as comparing with Chinese and or Japanese in the 80’s 90’s.
Now there have been some big changes.
China economy is speculated to be better, 42% of Chinese has their salary increased in 2010, 54% of them would expect their income will be continuously increased. This is a positive driver for expenditures.
In Past three year, 24% Chinese had their TV replaced, whereas there are only 18% in US. 72% of Chinese had a new Hand phone, 62% only happened in US.
One French Security firm had taken a recent survey on 1,766 families in 50 states , and 1, 668 family in 15 Cities in China I including Beijing Shanghai and some comparatively less prosperous cities Wu Han and Cheng Zhou.
These are the data
Have two employments in one Family: China 72%; US 36%
Saving Vs Income: China 28%, US 5%
Rent vs. Income: China 12%, US 30%
Grocery expenses vs. income: China 29%, US 17%
Clothing Expenses Vs income: China 11%, US 6%
Purchase of a Computer in 2010: China 37%, US 35%
Planned for an increased credit card expense: China 38%, US7%
On the Third Day of the Chinese new year, crowds of Chinese Tourists came to Hong Kong to spend their RMB, many Chinese spent over HKD$1,000,000.00 for a watch in less than an hour!