Away from the volatile markets, I have been accommodating some visitors, one of whom is a friend from Guangzhou who was in town this past week. He has done very well for himself back home, building a successful business over the years. It shows not just in what he has achieved but in how he observes things – calm, practical, and always thinking a few steps ahead.
We made our way through some of the more popular spots in town. The malls, as expected, were crowded. Very crowded. At one point, you could be forgiven for thinking there was a major sale going on.
I told him this is quite normal here. Locals tend to spend time in malls especially during the hotter weather – air conditioning included at no extra charge. It is part convenience, part habit, and perhaps part strategy.
After walking through a couple of them, he made a simple observation. Plenty of people but not as many shoppers. A lot of movement, a lot of browsing but fewer bags than you would expect. Well, window shopping, in full force.
Interestingly, the restaurants told a different story. Queues forming, tables turning quickly. It seems discretionary spending has not disappeared, it has just become more selective. People may hesitate at the shops but they are still quite decisive when it comes to food.
In between, we exchanged views on business, opportunities, and a few broader themes. Different markets, different experiences but many common threads. All in all, a good visit. Nothing complicated. Just time well spent catching up, observing, and comparing notes.