Ella Zhang is completing a master's degree in business and economic reporting at New York University. She holds a bachelor's degree in Chinese language and literature, and a double degree in economics.
This may come as a surprise: Chinese consumers are often more willing to drop a huge chunk of money on fashion—especially Western brands—than consumers in the US and Europe. This offers a huge opportunity for retailers as China's fashion industry is set to become the world’s second fashion market, and account for about 30 percent of the global fashion market’s growth over the next five years, according to a recent report from Boston Consulting Group.
Apparel from Chinese factories is increasingly slipping into the hands of Chinese consumers, who purchase the items at a significant discount from independent sellers on websites like Taobao.com and Chinese eBay. Even shoppers in the US can get in on the deals.
More Americans are renting out their vacation homes, either because they can't sell them or are unwilling to sell for a loss. That has flooded the vacation rental market, keeping rates low and offering Americans a wide choice for this summer.