If you
tried to contact your business partners in China recently, you probably got
voicemail or out-of-office responses.
In case
you haven’t heard, most of the country is on vacation due to the
most important of the traditional Chinese holidays – the 15-day Chinese New Year. This includes some of our company’s employees, especially
those based in Shanghai at Technomic Asia, a subsidiary of
Tompkins International.
This
year, our Chinese friends and business associates are spending time with their
families and friends as they welcome the “Year of the Rabbit.” The rabbit is
known as a symbol of good luck, and as 2011 will be a year for industries to
bounce back after the recession, it is great to have some luck on our side
along with skills and insight!
In fact, right
before this holiday, a survey of U.S. businesses in China
– sponsored by AmCham-Shanghai and implemented by Technomic Asia – showed that
U.S. companies in China are thriving. And as the growing consumer market in
China continues to offer opportunities, we should not discount the financial
impact on the U.S. economy from this performance in both profit returns and job
creation.
As I have
learned, the tradition of this holiday is to give gifts. So I was interested to
see how American businesses prepared as Chinese shoppers planned what gifts to
give. Demand can soar for all sorts of goods during the Chinese New Year,
especially premium ones. The Associated Press reported that big-ticket
high-tech items such as iPhones are selling out or only purchasable with
reservations.
More
modest (but still meaningful) gifts such as cherries or red Washington apples
are popular too, as red is considered to be a lucky color in China. Washington
State reportedly sent about 9 million pounds of apples to China last year. Many
big-name brands tie in the holiday's traditions with their own products. For
example, US businesses are known to package their goods for export to China in
appropriately "lucky" colors - not only in red, but in gold, which is
a symbol of good fortune.
I hope we
can all enjoy good fortune this coming year. If you are celebrating the Chinese
New Year, have a great holiday and let me know what kind of gifts you gave and received
this year.
P.S. Last year, 2010, was the Year of
the Tiger. Next year, 2012, will be the Year of the Dragon. So we could
consider 2011 as a year that is Caught Between the Tiger and the Dragon.
More Resources
Highlights
of China Business Report
AmCham
Shanghai
Tompkins
International, Chinese
Photo Credit: Tanakawho