An unquestioned fact, China is the fastest growing economy
of the world. Starting beginning of 2008, the country became
the world’s third largest economy chasing after U.S. and Japan.
As the country grow richer, retail sales in China have reached
over 6 trillion RMB and are expected to continue increasing
in the next 10 years to 30 trillion RMB. The local consumers
are demanding well-made and designed products. Driving by
this demand from the market, the manufacturers need good designs.
Meanwhile, on the export market, China is
well known for “MADE IN CHINA”. The country has made itself
the factory of the world in the last 30 years. Since last
a couple years, due to the factors such as depreciation of
U.S. dollar, increasing prices of labor and material etc.
, China can no longer compete on prices alone. That forces
the Chinese companies to make change. This new market development
has great impact on life style product sector. Most of the
Chinese companies in the industry take product design as serious
as never before and indeed they need good designs to stay
competitive.
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