One economic factor to be considered in a nation is consumer spending. This is directly related to that rate of confidence among consumers in a country. A high rate provides higher spending and gives a positive indication in the economic market. There are different types of spending by any resident, government, and investments to be considered. Furthermore, the greater contribution is by the consumers and they can attest whether the economy is growing depending on the availability and distribution of the sources. The market is measured through the spending on goods, necessities and luxury items. An indicator in economic development is the increase in spending and this can be an effect based on higher income rates as part of consumer confidence. Otherwise, the decrease in product sales describes negative consumer spending. The economic performance of a nation considers the consumers because it specifies the supply and demand as well as the needed goods and services; this provides the information as to the highest profitable industry. Business strategy plays an essential role in the growth of their economy and the power to afford products suggests the focus for improvement.
Consumers in China and US are quite different and the most evident industry that describes it is in e-commerce. China is bigger that the US on online shopping, given that they have numerous websites as the platform to their interests. This is a result of Chinese behavior that shopping can be considered as their pastime and it makes them happy. Also, the Chinese shop more frequently than other nationalities. Technology also plays a role in e-commerce because of the convenience of accessing products through mobile phones; social media also influences Chinese consumers in the selecting process. Moreover, Chinese consumers have chosen online platforms to shop because of the bargain prices available. Since then, the Chinese remain in the form of shopping even when the prices are no longer discounted on big amounts unlike before. Also, the Chinese are more hands on in a way that further information regarding the products is required. At times, alterations still need to be done before finishing the transaction to suit the consumer’s personal preferences.
On the other hand, the US consumers are quite conservative in online shopping. The security and good quality are the factors that are considered on top of everything else. Western consumers accept online shopping in a self-service manner. Likewise, the US consumers prefer to shop on brands with independent platform and this indicates the loyalty of their clients or consumers. The US already has established brands and their consumers can be considered as conscious when considering who produced their purchases.
The US and China definitely have improved their economic status since the Sino-Japanese war; particularly the Nanjing Massacre which involved the violence of the Japanese towards the Chinese and Americans. During this battle, China needed assistance from the US to support their economy. The Americans extended their help more when there have been existing businesses from the West in the country at war.
Despite the historical challenges, both nations have grown to become the most powerful in the world. Similarly, the advancements in technology have been maximized and are being accepted by consumers as well. It has broadened their reach to a wider source of profit and allows greater economic returns. The US may still work on attracting consumers to open to the technological means or e-commerce. Doing so, they can directly compete with China who has been on top of this despite needing improvements and this mirrored in their economy. Although there are differences when it comes to their currency and the population involved, developments in consumer confidence would give a positive impact to the economy and this would magnet more possible trade and investment.
