View a high resolution version of this graphic. Shenzhen was an unassuming town of 30, people - with only one functioning taxi - and China was still very much a communist, rural country. As the visualization above, by Time Out Hong Kong , demonstrates, the sleepy Pearl River Delta was on the cusp of an uadivasihunkar.comecedented growth spurt that would see cities expand and merge to become the largest contiguous urban region in the world. In , the Chinese government - led by Deng Xiaoping - created four Special Economic Zones SEZ with the intention of attracting foreign direct investment and encouraging private enterprise. To put the scale of this population clustering into perspective, here are the populations of cities within the Pearl River Delta in compared with modern-day metropolitan areas in North America and Europe:.
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At the close of the 20th century, Hong Kong was the undisputed economic powerhouse of the region. Today, the situation is markedly different.
The blurring of the lines appears to be well underway, as more than half a million people from the city now reside in Mainland China, up from approximatelya decade ago. This colossal infrastructure project is a 31 mile 50 km connection that includes bridges, tunnels, and three man-made islands.
Get your mind blown on a daily basis:. Naturally, many questions rise about where this money goes, including the inevitable surplus of military equipmentfrom night vision goggles to armored vehicles, that trickles down to law enforcement around the nation.
China and India, currently embroiled in a border disputehave upped the ante for military spending in Asia. India is also involved in clashes with its neighbor Pakistan for territorial claim over Kashmir-one of the most contested borders in the world.
Germany leads among the top spenders in terms of highest YoY military spending increases. These concerns may not be unfounded, considering that Russia comes in fourth for defense expenditures on the global stage-and budgets more towards military spending than any country in Europe, at 3.
Eight of the 15 countries with the highest military spending as a percentage of GDP are concentrated in the Middle East, with an average allocation of 4. However, the insatiable desire for consumers to own nice things was suddenly interrupted by the coming of COVID, and experts are predicting a brutal contraction of up to one-third of the current luxury good market size this year.
Recent years of growth in the personal luxury goods market can be mostly attributed to Chinese consumers. The lethal combination of reduced foot traffic and decreased consumer spending in the first quarter of has brought the retail industry to its knees. With iconic luxury retailers such as Neiman Marcus filing for bankruptcy, the pressure on the luxury industry is clear.
It should be noted however, that companies who were experiencing distress before the COVID outbreak will be the hardest hit. They have also modeled three scenarios to predict the performance for the remainder of Although there are signs of recovery in China, the industry is not expected to fully return to levels until at the earliest.
By that stage, the industry could have transformed entirely. Since the beginning of the pandemic, one-quarter of consumers have delayed purchasing luxury items. In fact, a portion of those who have delayed purchasing luxury goods are now considering entirely new avenues, such as seeking out aper alternatives.
However, most people surveyed claim that they will postpone buying luxury items until they can get a better deal on price. This frugal mindset could spark an interesting behavioral shift, and set the stage for a new category to emerge from the ashes-the second-hand luxury market. Numerous sources claim that pre-owned luxury could in fact overtake the traditional luxury market, and the pandemic economy could very well be a tipping point.
While analysts can only rely on predictions to determine the future of personal luxury, it is clear that the industry is at a crossroads.
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A trickle becomes a flood Inthe Chinese government - led by Deng Xiaoping - created four Special Economic Zones SEZ with the intention of attracting foreign direct investment and encouraging private enterprise. To put the scale of this population clustering into perspective, here are the populations of cities within the Pearl River Delta in compared with modern-day metropolitan areas in North America and Europe: Today, this compact region has a GDP equivalent to that of South Korea.
Megalopolis at the Gates The explosive growth the Pearl River Delta has upended the regional balance of power. Get your mind blown on a daily basis: Thank you! In life ? a playful girl.
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