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They Flocked to China for Boom Times. Now They’re Thinking Twice.

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1 year ago

July 28, 2022

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A.H. Beard, a 123-year-old luxury mattress manufacturer based in Australia, started eyeing China around 2010. At the time, the family-owned company faced looming competition from low-cost, foreign-made mattresses in its home market. China, with its 1.4 billion consumers and a growing middle class with a taste for premium brands, seemed like a good place to expand.

The choice paid off.

A.H. Beard opened its first store there in 2013. Before the coronavirus pandemic, sales in the country were growing more than 30 percent a year. There are now 50 A.H. Beard stores across China, with plans to open 50 more. But like most foreign companies operating in China nowadays, A.H. Beard has started to think more carefully about its strategy.

Beijing’s strict Covid-19 policy has exacted a heavy toll on business. The company’s exports into China are no longer on the rise.

This month, Chinese officials announced that the economy grew at its slowest pace since the early days of the pandemic. Unemployment is high, the housing market is in crisis and nervous consumers — living under the constant threat of lockdowns and mass testing — are not spending.

Now, the once resilient Chinese economy is looking shaky, and the companies that flocked to the country to partake in boom times are being confronted by a sobering reality: flat growth in what was once seen as a reliable economic opportunity.

“I certainly don’t see China returning to the rates of growth that we had seen previously,” said Tony Pearson, chief executive of A.H. Beard.

So far, most companies are staying the course, but there is a steady whiff of caution that did not exist just a few years ago.

Geopolitical tensions and a U.S.-China trade war have unleashed punishing tariffs for some industries. Covid-19 has snarled the flow of goods, lifting the prices of almost everything and delaying shipments by months. China’s pandemic response of quarantines and lockdowns has kept customers at home and out of stores.

A.H. Beard opened its flagship store with a local partner in Shanghai almost 10 years ago. And like any high-end brand, it rolled out products with prices that defy belief. China became the best-selling market for its top-of-the-line $75,000 mattress.

Since then, the cost of shipping a container has jumped sixfold. The cost of mattress materials and components, such as latex and natural fibers, have increased significantly. Other worrying signs have emerged, including a housing slump. (New homes often mean new mattresses.)

Mr. Pearson said he is hoping that the Chinese Communist Party congress later this year will clarify “the trajectory for China” and imbue consumers with more confidence. “The economy still has growth potential,” he said. “But there’s always a degree of risk.”

After the 2008 financial crisis when the rest of the world retrenched, China emerged as an outlier and international businesses rushed in.

European luxury brands erected gleaming stores in China’s biggest cities, while U.S. food and consumer goods companies jostled for supermarket shelf space. German car manufacturers opened dealerships, and South Korean and Japanese chip firms courted Chinese electronics makers. A booming construction market fueled demand for iron ore from Australia and Brazil.

Chinese consumers rewarded those investments by opening their wallets. But the pandemic has rattled the confidence of many shoppers who now see rainy days ahead.

Fang Wei, 34, said she has scaled back her spending since she left a job in 2020. In the past, she spent most of her salary on brands like Michael Kors, Coach and Valentino during frequent shopping trips.

Even though she is employed again, working in advertising in Beijing, she now allocates a quarter of her salary on food, transportation and other living costs. She hands the rest to her mother, who puts the money in the bank.

“Because I’m worried about being laid off, I transfer everything to my mother every month,” Ms. Fang said. “It’s very depressing to go from enjoying life to subsistence.”

A more frugal Chinese consumer is a worry for foreign businesses, many of which offer products that are not the low-cost option but a premium alternatives. A Jun-Min, chief executive of Ginseng by Pharm, a South Korean producer of ginseng products, said he, too, has noticed Chinese “wallets have gotten thinner.”

Mr. An said sales for the company’s main product, a 2-ounce bottle of a ginseng drink that sells for $18, peaked before the pandemic. The company shipped 600,000 bottles into China and Hong Kong in 2019.

There are 12,000 Adidas stores in China, up from 9,000 in 2015, but the company said it expects China revenue to “decline significantly” this year.

Sales plunged in 2020 because it was hard to get products into the country during Covid lockdowns. Business has mostly bounced back, although it is still down 10 to 20 percent from the peak.

While Mr. An said he is concerned about the economic slowdown, he remains optimistic that the market for health products in China, and a familiarity with ginseng — an aromatic root said to have health benefits — will continue to benefit sales. To hedge his bets, though, he is also seeking regulatory approval to sell in Europe.

That is a far cry from the unbridled optimism of the past.

In 2016, when China was its fastest growing and most profitable market, Kasper Rorsted, the chief executive at Adidas, declared that the country was “the star of the company.” Adidas invested aggressively to expand its foothold. It went from 9,000 stores in China in 2015 to its current 12,000, though only 500 are operated by Adidas. Then the music stopped.

After initially projecting that sales in China would accelerate this year, Adidas ratcheted down expectations in May as Covid lockdowns continued to spread. The company said it now expects China revenue to “decline significantly” and that a sudden rebound is unlikely.

For now, Adidas remains undeterred. Mr. Rorsted said on a call with analysts that the company is not planning to slash costs or pull back from the country. Instead, it will “do whatever we can to double down and accelerate the growth.”

Many foreign companies had bet on the rise of a Chinese middle class as a dependable source of that growth. Bain & Company, a consulting firm, said it expects China to be the world’s largest luxury market by 2025, fueled in part by what Federica Levato, a senior partner, said is still “a big wave” of a rising middle class.

Kamps Hardwoods, a Michigan-based manufacturer of lumber used in homes and furniture, said China provided an opportunity to expand — at first. — Credit…Sarah Rice for The New York Times

But those kinds of predictions look less enticing for some foreign companies that once relied heavily on the Chinese market.

Kamps Hardwoods, a Michigan-based manufacturer of kiln-treated lumber used for homes and furniture, seized on the opportunity to expand in China — at first. At a Chinese trade show in 2015, Rob Kukowski, the company’s general manager, said a Chinese buyer stunned him with a huge offer to buy enough stock to fill 99 shipping containers. The $2 million order of lumber accounted for four months’ worth of business for Kamps.

Chinese buyers were so desperate for lumber back then that they would visit the company’s booth and refuse to leave until Mr. Kukowski accepted a million-dollar deal on the spot. By 2016, China accounted for 80 percent of the company’s sales.

Kamps soon realized that it was hard to make a profit from the large Chinese orders because many buyers were not interested in quality and only wanted the cheapest possible price. The company started to focus its effort on finding customers in the United States and other overseas markets who were willing to pay more for a better product.

It was fortuitous timing. When China raised tariffs on U.S. lumber in 2018 as part of a trade war, Kamps was better positioned to weather the downturn. Today, China accounts for only 10 percent of Kamps’s sales, but it still has a large indirect impact on the company. Mr. Kukowski said China is such a big buyer of U.S. lumber that a downward price war ensues throughout the industry when it stops spending.

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Unraveling “Drawings of National Interest Crossword Clue”

Published

1 month ago

October 31, 2023

Odyssey

Drawings of National Interest Crossword Clue

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Are you a die-hard crossword fanatic who can’t get past the alluring hint “Drawings of National Interest”? You are not alone, though. Crosswords can be difficult, but you can overcome them if you use the proper strategy. We explore the world of crossword puzzles in this piece, with a particular emphasis on solving the mysterious “Drawings of National Interest Crossword Clue.”

The Mystery Behind “Drawings of National Interest Crossword Clue”

It can be difficult to figure out the right answer when faced with a cryptic crossword. Let’s dissect it.

Understanding Crossword Clues

To solve any crossword puzzle, you need to decode the clues effectively. In the case of “Drawings of National Interest,” you must recognize that this is a cryptic clue.

Cryptic clues involve wordplay, and in this case

Drawings of National Interest Crossword Clue

“Drawings of National Interest” could allude to wordplay or puns about national interest rather than actual drawings. Use lateral thinking, synonyms, and hidden meanings to get the solution to this.

Utilizing Crossword Dictionaries

Your best buddy when trying to solve crossword puzzles is a crossword dictionary. They include cryptic riddles and a wide variety of crossword answers. For potential solutions to a challenging riddle such as “Drawings of National Interest,” visit a trustworthy crossword dictionary.

Tips for Solving Cryptic Clues

Drawings of National Interest Crossword Clue

Divide the hint into its constituent parts.
Examine each section for possible interpretations.
Make use of synonyms and word associations.
Search for anagrams or homophones.
Pay attention to puns and implied meanings.

Expert Insights

Cryptic crosswords are difficult to solve without practice and patience. Even seasoned solvers run into difficult clues. The secret is to relish the procedure and recognize the deft wordplay that goes into it.

Drawings of National Interest Crossword Clue: FAQs

Q1: What is the best approach to solving cryptic crossword clues?

A1: The best approach is to dissect the clue, identify possible wordplay, and consult crossword dictionaries.

Q2: Can online crossword solvers help with cryptic clues?

A2: Online solvers can provide hints, but solving cryptic clues is a skill that improves with practice.

Q3: Are there any common indicators in cryptic clues?

A3: Yes, common indicators include words like “in,” “about,” “around,” and others that suggest rearrangement or transformation.

Q4: Is it advisable to use crossword-solving software?

A4: While software can help, it’s best to develop your solving skills through manual practice.

Q5: How do I become better at solving cryptic crossword clues?

A5: Regular practice, studying wordplay techniques, and learning from experienced solvers can significantly improve your skills.

Q6: Can I find tutorials or courses on solving cryptic crosswords?

A6: Yes, there are courses and tutorials available online to enhance your crossword-solving abilities.

Conclusion

It takes practice, wordplay, and inventiveness to solve the “Drawings of National Interest Crossword Clue”. Keep in mind that the purpose of cryptic crosswords is to test your mental faculties and provide you with a satisfying sense of achievement upon solving them.

Your greatest friends when it comes to solving crossword puzzles will be perseverance and an acute sense of detail. Thus, seize the opportunity and relish the journey. Have fun solving!

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Also Read: Author Traister Crossword Clue

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Unraveling the “Author Traister Crossword Clue”

Published

1 month ago

October 31, 2023

Odyssey

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Are you an avid crossword solver who is constantly seeking out new challenges? If that’s the case, you may have heard of “Author Traister Crossword Clue.” Many crossword problem solvers are intrigued and intrigued by this intriguing clue. This essay will examine the world of crossword puzzles, provide some background on Rebecca Traister, and discuss the importance of her contributions.

Who is Rebecca Traister?

Instead of being a writer in the conventional sense, Rebecca Traister is a skilled American journalist and writer who is renowned for her perceptive and provocative pieces. She frequently writes about feminism, politics, and society. Even while she may not be the creator of a crossword puzzle, there is no denying her impact on language and the word world.

The Importance of Rebecca Traister’s Work

Author Traister Crossword Clue

Writings by Rebecca Traister have had a significant influence on current discourse. She is well-respected in the media community for her ability to break down complicated subjects and make them understandable and interesting. Her writing challenges readers to think critically and consider alternative viewpoints.

The Fascinating World of Crossword Puzzles

For many years, crossword puzzles have provided amusement and intellectual challenge. Crossword puzzle fans are drawn to the challenge of solving cryptic clues and adding words to the grid, which keeps them coming back for more. But what if you come across a crossword clue that appears to relate to a person by the name of “Author Traister”?

The Quest for the “Author Traister Crossword Clue”

The crossword puzzle community is renowned for their fervor and commitment to solving even the trickiest puzzles. Puzzlers set out to solve the puzzle when they come upon the clue “Author Traister”. Certain hints lead to well-known writers, while others can indicate persons who have made significant literary contributions.

The Crossword Puzzle Community

Fans of crossword puzzles are devoted to them. At crossword competitions, enthusiasts congregate to exchange problem favorites and strategies. People that solve crosswords together feel very close, and the joy of solving challenging puzzles like “Author Traister” is only increased by the difficulty of the puzzles.

The Challenge of Crossword Clues

The difficulty of crossword clues can vary greatly. While some are simple and only require general knowledge, others call for wordplay and creative thinking. Solvers frequently embark on a voyage of inquiry and discovery when they find clues connected to well-known people or authors.

Rebecca Traister’s Influence

Even if Rebecca Traister hasn’t had a direct impact on the crossword community, her thoughts and work have had an indirect one because to analysis. She urges crossword puzzle fans to approach puzzles with an open mind and a hunger for the unexpected because she is a writer who questions the status quo.

Searching for Clues

Finding clues is the main strategy for solving crossword puzzles. When confronted with the mysterious “Author Traister” clue, puzzle solvers explore the other hints and across/down responses in order to interpret it. Sometimes the answer is found by making connections between different hints all over the grid.

Online Resources for Crossword Enthusiasts

Crossword solvers have access to a multitude of web resources in the current digital era. Websites, discussion boards, and applications for completing crosswords provide insightful analysis, advice, and conversations about the trickiest clues—including “Author Traister”—that can be found.

The Impact of Crossword Puzzles on Society

Not only have crossword puzzles amused people, but they have also had surprising social effects. These puzzles have had a long-lasting impact, contributing to vocabulary growth and critical thinking development. The endeavor to answer the crossword puzzle “Author Traister” is a prime example of this hobby’s significant influence.

The Art of Puzzle Solving

Wordplay, logic, and imagination are all combined in the talent of solving puzzles. It tests mental acuity and provides a satisfying sense of completion upon filling the final square. One riddle that puts our intelligence and persistence to the test is the “Author Traister” clue.

The Joy of Discovery

Author Traister Crossword Clue

It’s difficult to duplicate the excitement of solving a difficult crossword puzzle. The achievement of solving a crossword puzzle, particularly one featuring a strange clue like “Author Traister,” is proof of the delights of learning and inquisitiveness.

Frequently Asked Questions

Q1: Is Rebecca Traister an author of crossword puzzles?
A1: No, Rebecca Traister is not an author of crossword puzzles. She is an accomplished writer and journalist known for her insightful articles on various topics.

Q2: Why is the “Author Traister Crossword Clue” so popular among crossword solvers?
A2: The popularity of this clue lies in its mysterious nature and the challenge it presents to crossword enthusiasts. It encourages them to explore and think creatively.

Q3: Are there any online communities for crossword enthusiasts?
A3: Yes, there are numerous online communities, forums, and websites dedicated to crossword enthusiasts. These platforms provide a space for discussion, sharing tips, and solving puzzles together.

Q4: What is the significance of crossword puzzles in society?
A4: Crossword puzzles have played a significant role in expanding vocabulary, promoting critical thinking, and offering a source of entertainment and intellectual stimulation.

Q5: Where can I find more crossword puzzles to solve?
A5: You can find crossword puzzles in newspapers, puzzle books, and online crossword websites and apps. They offer a wide range of puzzles, from easy to challenging, for all levels of solvers.

Conclusion

To sum up, the “Author Traister Crossword Clue” is proof of the continuing fascination of crossword puzzles and the expressive power of language. Even though it might not have an obvious solution, crossword aficionados’ perseverance and dedication are demonstrated by the trip they took to figure out its significance.

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More Read: Beth Comstock Net Worth

Also Read: Enjoys a Fanzine Crossword

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