Word: consumptionism
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There is reason to believe such eye-popping spending can continue. As more regions of China's vast hinterland join in its amazing economic boom, more and more of the country's 1.3 billion people can afford cars, refrigerators and flat-panel TVs items not too long ago considered luxuries...
Yet whether or not they will buy remains an open, and crucial, question. Even though Chinese are becoming wealthier, they are actually saving a greater percentage of that new wealth. Cornell University economist Eswar Prasad figures that China's average urban household saving rate reached 28% of disposable income in...
"I don't think anyone had ever lived through that big a swing in consumption, from double-digit growth to double-digit declines, in such a rapid period of time," says Stephen Sadove, chairman and chief executive of Saks Inc.
Jay Hamilton and Scott de Marchi have a lot in common. They are both professors at Duke University, they are roughly the same age, and they have the same number of children. And yet their consumption preferences are polar opposites. So the two professors developed a model to explain why...
• Energy demand will rebound sharply once the recession ends and rise about 40% by 2030. Fossil fuels - oil, coal and gas - will make up about three-quarters of the global increase in energy consumption.