Chinese appetite for Finnish brands grows
Economists say China can't get enough of western consumer products. And according to Finnish analysts, it's time for Finland to harness the benefits of China's consumption-driven growth.
Walking the streets of Helsinki it becomes apparent that it doesn't matter whether it's Iittala, Marimekko or Luis Vuitton -- the Chinese are hungry for western luxury. The Chinese already buy half of the world's high-end goods.
Some analysts predict China's demand for western brands could help shore up the eurozone economy.
Janne Rantanen, a fund manager at investment firm FIM, says western products are perceived as being of higher quality than local goods in China.
"They have little faith in their own manufacturing," he explains, adding that this is something Finland should learn to exploit.
While the euro crisis has also pummelled the Chinese economy, the country's GDP continues to grow at an annual rate of eight percent thanks to its construction boom.
Kari Häyrinen from the state's export service Finpro says Finland is too dependent on the European market. Today seventy-five percent of Finnish exports are destined for the continent.
At the moment China offers incredible opportunities for all things technology and design. And that doesn't look to change anytime soon as bling-hungry Chinese mainlanders are eager to get their hands on the latest must-have product.
