Word: consumerized
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Stores have to figure out how to tap into this recalibrated value system--one based on caution rather than the branded excess of Christmas past. "The American consumer is trading downward in the most dramatic fashion ever seen," says Howard Davidowitz, chairman of Davidowitz & Associates, a retail-consulting firm. What...
Even if the aid package passes, it's no guarantee domestic carmakers will survive. Consumption, the chief engine of economic growth in the U.S., could shrink roughly 1% in 2009 in what could be the worst recession since the 1930s, according to Richard Curtin, director of the University of Michigan...
Slowing consumer demand in America and Europe has cut output at Chinese factories - although China's exports grew at an annual rate of 19% in October, some economists believe that could fall below 10% by the end of the year because of lower Christmas-season orders for products like electronics...
Now, however, this Chinese territory's economy - highly dependent on financial services and trade - is proving vulnerable to the global downturn. As Europe and the U.S. slump, so have merchandise exports from Hong Kong, which in the third quarter grew at their slowest pace in more than six years. Hit...
Worried about job security, Hong Kong citizens have begun cutting back, dampening another pillar of the city's growth: consumer spending. Simon Wong, president of the Hong Kong Federation of Restaurants and Related Trades, says sales at the city's 14,000 eateries have recently dropped off by as much...