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Attention all Bosses, Tiongkok SYTs need your help, how hah?
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China’s youths throng bargain basements as economy bites: ‘The first floor is too expensive’
Published Tue, Dec 5 202310:03 PM ESTLee Ying Shan@LEEYINGSHAN
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Consumers shopping at a mall in Yantai, East China’s Shandong province, July 10, 2023.
Future Publishing | Future Publishing | Getty Images
Min Li doesn’t go to the mall often. But when she does, she heads straight for the basement, scurrying past the first floor flanked by Gucci, Chanel, Louis Vuitton and other luxury outlets.
“The first floor is too expensive,” the 26-year-old says. She’s got company.
Chinese young people are increasingly shopping and dining at the basement units of malls, a trend the social media has labeled the “B1B2” economy.
The basement floors — B1, B2 — typically house low-cost gift and souvenir shops, apparel outlets, the supermarket, and other relatively affordable consumer product stores like Miniso and Luckin Coffee.
“Landlords try to put anchor tenants like LV, Apple or Starbucks on pricier real estate on the ground or first floor,” says Shaun Rein, managing director of China Market Research Group.
Historically, higher-end shops have attracted more footfall, but China’s weak economy means the cheaper brands are now drawing the crowds, he adds.
Slowdown bites
China’s economic rebound since emerging from Covid has been sluggish, with Moody’s cutting the country’s credit outlook to “negative” on Tuesday. Lackluster consumption has fueled the “B1B2″ trend.“A lot of China’s youths are struggling to find a stable job, or earning sufficient money to support a decent life for themselves,” says Jia Miao, an assistant professor of sociology at the New York University Shanghai.
They are compelled to save more, she adds.
In June, a survey found that the average monthly salary of those with undergraduate degrees earned 5,990 Chinese yuan ($845.04) in 2022.
The survey — conducted by MyCOS Research, which is funded by the state-owned investment company, Citic Industrial — noted that only 6.9% drew a starting monthly salary of 10000yuan or uSD1420
https://www.cnbc.com/2023/12/06/chinas-youths-shop-at-b1b2-bargain-basements-as-economy-bites.html
Online shopping behemoths Alibaba and JD.com, for a second-straight year, declined to share total figures for China’s biggest annual shopping extravaganza, the Singles Day.
Miao says a higher number of Chinese choosing to remain single also means more people are eating alone — and often that means opting out of fine dining at restaurants six to seven floors up in a mall.
While bargain basements can largely be found in shopping centers across suburban areas, for select malls in tier-1 cities such as Shanghai and Guangzhou even stores in the basement floors are considered expensive, she adds.
Miao says a higher number of Chinese choosing to remain single also means more people are eating alone — and often that means opting out of fine dining at restaurants six to seven floors up in a mall.
While bargain basements can largely be found in shopping centers across suburban areas, for select malls in tier-1 cities such as Shanghai and Guangzhou even stores in the basement floors are considered expensive, she adds.
How much?
How much per shot?
MAV offer 500Rm per shot leh
BEIJING :Oil prices were mixed in Asian trade on Wednesday, after posting four sessions' worth of losses, as markets weighed the effectiveness of OPEC+ cuts on supplies and worries of a worsening demand outlook in China.
Brent crude futures climbed 1 cents to $77.21 a barrel by 0438 GMT. U.S. WTI crude futures were down 4 cents at $72.28 a barrel.
Brent crude futures climbed 1 cents to $77.21 a barrel by 0438 GMT. U.S. WTI crude futures were down 4 cents at $72.28 a barrel.
Concerns over China's economic health, which could limit overall fuel demand in the world's No. 2 oil consumer, also weighed.
On Tuesday, rating agency Moody's lowered the outlook on China's A1 rating to negative from stable, citing "increased risks related to structurally and persistently lower medium-term economic growth and the ongoing downsizing of the property sector".
On Tuesday, rating agency Moody's lowered the outlook on China's A1 rating to negative from stable, citing "increased risks related to structurally and persistently lower medium-term economic growth and the ongoing downsizing of the property sector".
Worsening China Earnings Give Bears More Reasons to Sell
- MSCI China members’ EPS fell for fourth straight quarter: BI
- Downward earnings revision may continue into first quarter: MS
By Bloomberg News
December 5, 2023 at 11:00 PM GMT
Updated on
December 6, 2023 at 12:44 AM GMT
China’s weakening earnings are dashing hopes for a stock market rebound, with some investors bracing for more pain as the economic slump looks set to continue.
Profit delivery for the third quarter worsened. Some 30% of the MSCI China Index members reported earnings that fell short of consensus forecasts compared to 18% in the second quarter, according to Morgan Stanley.
Bloomberg Intelligence data also showed that aggregate earnings per share for these companies fell 6% from a year earlier, marking a fourth straight quarter of declines.
https://www.businesstimes.com.sg/si...-wong-four-day-official-visit-beijing-tianjin
4G going to tiongkok to share insight on secret art of huat big big
4G going to tiongkok to share insight on secret art of huat big big
Now is the best time to visit china. Two or three girls on your bed every night
U can setup a MaV Studio and make good educational film to help world low population growth mah
I got low sperm count on account of alcohol abuse.
No worry, can use other visual effect mah
https://www.channelnewsasia.com/sin...e-ties-lawrence-wong-premier-li-qiang-3969006
Even Tiongkok Big Bosses also want to work with us de woh
Even Tiongkok Big Bosses also want to work with us de woh
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