My then boss, Richard Li was
the tycoon who taught to me the concept of "Leapfrogging" in
the 1990's. China
is a consumer audience of 1.2 billion people and India has 800,000,000 people.
It should come as no surprise then that a
developing country like China might leapfrog wealthy countries like the United
States and Britain and adopt new technology. The Asian telecom market is
good example - fast-growing Asian markets adopted cellular technology at a
faster absorption rate than their western counterparts who had
Asians generally like gadgets and are
quick to try out new technology. They especially are keen about electronic
gadgets. Wasn't part of Japan's success their own domestic
fascination with technology , TV, radios, CD's?
Chinese list Shopping in many
surveys as their Favourite Pastime. Should it ever become an Olympic
event, I'd bet on the Chinese to win! The Chinese version of Yuppies
is Chuppies and in every appropriate Tai-Tai's
(same as Ladies who Lunch in the West) wardrobe should include
a conspicuously large diamond ring, full-length dark mink coat and a designer
purse (preferably Prada, or Gucci) while the Chuppie Pups weaned on Baby
Dior or Versace for kids.
Nowadays I find in some mainstream North
American malls, Chinese shoppers roaming the aisles at 10:00 pm; memories of
days at Pacific Place or Causeway Bay in Hong Kong where nearly a million people
shop daily. Parco Bugis Junction, the shopping centre in
Singapore which was my first valuation assignment for the Chief, reported being
visited by 60,000 people per weekday and 70,000 per day on weekends last year.
- by ANDREA