Word: china
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Call it the Ka-Ching dynasty. After decades of relying on exports and investment, China's leadership is targeting domestic consumption as the most enduring driver of economic growth. Not only are there more Chinese with money to spend, the still fragile state of the global economy makes self-reliance an imperative. "As we stand at a new historical juncture, we must change the old way of inefficient growth and transform the current development model," Vice Premier Li Keqiang, the likely successor to Premier Wen Jiabao, declared at Davos in January...
...will be years before China has a consumer-driven economy like that of the U.S., but with retail spending rising by double-digit percentages every year, the immediate future looks good. For the most part, the companies poised to enjoy the splurge will not be multinational but Chinese. They know their home market, and how to overcome its obstacles. Some also offer instructive examples for foreign enterprises keen to ride the growth of Chinese consumer culture. Here are four: (See pictures of China's infrastructure boom...
...Seoul snafu faded. "I realized if I ran the company by myself it wouldn't be a success," he says. So he began taking on expert advisers as the 1990s began, and over the next two decades expanded the business to more than 7,000 stores. (Read "China at 60: The Road to Prosperity...
...Knowing, for instance, that the U.S. Dream Team would wind up in the basketball finals, but that its NBA-star-packed roster would be too pricey to support, Li Ning sponsored eventual silver-medal winners Spain and bronze-medal winners Argentina. Li Ning - sponsored athletes won 27 out of China's 51 golds...
...still maintains its value-for-money approach to marketing - recently making a big push, for example, into badminton, a sport largely ignored in the West but played and watched by some 300 million Chinese. Li Ning - sponsored shuttlecock star Lin Dan graces billboards and TV ads around China, and the firm opened a "badminton paradise" last year in Singapore, its first international outlet. Although badminton won't feature as prominently in its first American shop, which opened in January, the firm's determination to bring its game to the big boys is unchanged. The store is located in Portland...