This might really catch-up. From what I've read (could be obviously wrong, as many reports we get from the "wild" east) that for people in China it is important to be able to show their position in the society - that's one of the reason of housing bubble; having a flat/home is a marker of being someone with rather high position.
This, in turn, is partly caused by the imbalance between man and woman in China strongly in favor of man (so woman can be more choosy - times has changed and it seems a baby girl is no longer a burden).
Plus, the market is huge and probably Chinese government will make sure that Tesla or whatever foreign Nio's competitor will be in a much weaker position.
Social network restricted only to Nio's owner strangely resembles Facebook in the early days - a social network for students from top universities - being able to join was also a marker of "high social status".
>From what I've read (could be obviously wrong, as many reports we get from the "wild" east) that for people in China it is important to be able to show their position in the society - that's one of the reason of housing bubble; having a flat/home is a marker of being someone with rather high position.
As far as homes go, it's more like homeownership is culturally considered a prerequisite to marriage. Maybe the closest equivalent in the west would be having a job, you wouldn't want your daughter to get married to a guy without a job or the means to get one, because working is part of growing up.
Many well-to-do parents buy second properties to gift their children for when they are ready to get married.
> This might really catch-up. From what I've read (could be obviously wrong, as many reports we get from the "wild" east) that for people in China it is important to be able to show their position in the society - that's one of the reason of housing bubble; having a flat/home is a marker of being someone with rather high position.
The deemed "big problem" these days in China is that millennials are "not buying more than 1 house."
And even bigger "tragedy" is said to be that richer millenials prefer to rent fancy apartments over buying...
That used to be a very, very, big thing in the past, but then the phenomenon reversed almost overnight. I'd say that happened in 2017-2018.
That "status marketing" is actually being counted as something very cheap these days. People begin to ridicule ones who buy huge chauffeured cars with small engines, and so on. That's something more for more inept middle aged people - the demographic niche that has been squeezed dry by everybody over the course of last 10 years.
Strange. I'm no expert in the field, but I always considered China to be good with money and save a lot. Meanwhile west race to who spends more, not who makes more.
This, in turn, is partly caused by the imbalance between man and woman in China strongly in favor of man (so woman can be more choosy - times has changed and it seems a baby girl is no longer a burden).
Plus, the market is huge and probably Chinese government will make sure that Tesla or whatever foreign Nio's competitor will be in a much weaker position.
Social network restricted only to Nio's owner strangely resembles Facebook in the early days - a social network for students from top universities - being able to join was also a marker of "high social status".