STEVEN: You at the men's store?
JEFF: One of the group's I look up to is Chinese Moms
JEFF: So much of this is coming from them. Like so much as a food focus, so much about health focus, so much of what is safe education markets, so much is coming from Moms proportionally.
JEFF: And that's kind of an interesting demographic. It may be like the most important demographic in Asia is Chinese mom or consumers.
STEVEN: Well-a-day. They have a lot of purchasing power and they spend a lot and if you look at the popular Industries in China it is education, Mothers, and health. These are the top industries and real estate. But, well makeup as well, make-up, mother and infant products, health, education and who makes most of these decisions.
JEFF: Mom, Yeah
STEVEN: Yeah, so
JEFF: One they can, they control the spending. I will often ask when I get talks in China, like, you know in your family mostly Chinese audience raise your hand if the wife controls most or all of the spending for the family.
JEFF: Half the room raises their hand for all of it like not some of it. But, all of it.
JEFF: Like Dad bought the house. Mom's runs everything.
JEFF: You know, so they have disproportionate spending control and then they also care very very deeply. It is just the money they really care like, food safety is not a little issue. It is a massive issue in their minds
STEVEN: Right. That’s right
JEFF: So, it’s both. It’s like they care a lot more compared to Moms of other countries because the risks are high. And then they tend to control more of the spending moms in other countries as well, so it’s both. It’s said, if you look at most countries that is actually the way it is.
JEFF: It is just in China. It's much more like the degree of control of spending is more. It’s very pretty good depending what region you're in what city you're in what the cultural background of?
JEFF: You know. But generally it's more than what we see in almost any other country that I can think of
STEVEN: Right and that Chinese consumers willing to spend more on education and on their kids.
JEFF: That's a China thing.
STEVEN: That's a China thing.
JEFF: The whole education spending thing is insane? Like the amount that Chinese families spend on their child education is just crazy.
JEFF: That's a total China thing.
STEVEN: But, it is a cultural thing because there is a saying in Chinese is called which basically means I want my kids to succeed right and the way Chinese look at it is that kids are the biggest investment apart from real estate. So real estate another you know that's made in.
Well, actually you also mentioned a death and the marriage market. So that's that's a separate thing. They also spend a lot on that, too. But that's also the same thing about bringing the future right? It's all about their future. That's what the Chinese people think about. It's about investing in their kids, investing in their wedding and honoring the elderly when they pass away and these are the biggest money in Chinese people that save money for all this stuff. They will not spend anything else, but they will spend it on this stuff.