Word: consumerized
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Auto-industry insiders like to think of their business as impossibly complicated, involving as it does billions of dollars, intricate technology and the necessity of gauging consumer tastes three or four years in the future. By their reasoning, developing the necessary expertise takes decades of experience. No outsiders need apply...
This kind of exuberant consumer behavior helps to explain why China has powered through the global recession with only limited damage. Local officials expect Xi'an's gross domestic product to surge 13.5% in 2009, far faster than the central government's 8% target for the national economy. Even more...
New investment and development has translated into prosperity for Xi'an residents. The per capita GDP of the city has increased 150% between 2001 and 2008 to $3,800 (though it remains far behind rich coastal cities like Shanghai, where GDP per capita exceeds $10,500). Consumer spending is growing...
To keep that change going, the Chinese government has more work to do, however. Though the ingredients of rebalancing might be percolating in Xi'an and the rest of China, making it actually happen will take additional reform. The economy is still too dependent on investment and government spending instead...
But Karsh isn't the audience. Yes, he's both the hard-core fan Bravo wants to give a fuller experience to and the urban consumer Schwan's is trying to expand to. But he cooks. The Top Chef deal is targeting people who don't have time to cook...