One of the benefits that I receive from working with Crafted by Infinity diamonds is the perspective gained from working with international markets. Unlike most of my friends who are more focused upon events here in the United States, I find myself fascinated with current events from all over the globe. Working with people from different countries and cultures has expanded my appreciation for different beliefs and practices.
Throughout the past few years, there has been a lot of talk about China being an emerging market for high-quality diamonds like those produced by Crafted by Infinity. This came up in conversation among my friends at a recent get together and one of them cleverrly retorted “What does this have to do with the price of diamonds in China?.” Clearly playing upon the the famous saying “What does that have to do with the price of tea in China?”
I had to laugh, but today I sent her this article from Forbes titled “Two Reasons Chinese Millennials Have More Cash to Burn” which is a real eye opener. From a cultural perspective, the Chinese tend to frown upon debt, thus they are more likely to save-up to buy what they want. The average cost of a college education is only about $2,200 per year, and this is largely paid for by the family. Thus Chinese Millenials are not carrying the same weight of student loans carried by their U.S. counterparts.
Another fact that I find interesting (and equally disturbing on a deep emotional level) is that most Chinese millennials don’t have housing expenses. According to Forbes, about 90% of Chinese households own their homes, and 80% of these homes are owned without mortgages or any other liens.
Imagine starting your adult life without any student loans, or having to bare the weight of a mortgage payment! When I was a child growing up in America, my parents often told me “Clean your plate! People in China are starving!” And while that statement is bound to have some truth in it, just as there are people in America and every other country who are underprivileged, one has to wonder whether parents in China admonish their children not to waste money, because Millennials in America are carrying the burden of student loans and mortgages.
Read the Full Story in Forbes
Photo credit: People’s Daily Online (China Daily)