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INDIA -- The same phenomenon is happening in India, fund managers say, with the flood of jobs being outsourced to the country fueling demand for consumer items.
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Demand for consumer electronics has collapsed.
They also expect greater demand for consumer goods.
The company cited sluggish demand for consumer devices.
"Demand for consumer products in Asia is falling, so petrochemical demand is, too.
We are the most numerous mammal on Earth, empowered by technological innovation, demanding ever more consumer items to satisfy our "wants" instead of our "needs", driven by corporate hunger for constantly increasing profit in a globalized economy.
Michael McNamara, vice president for research and analysis for SpendingPulse, a report by MasterCard Advisors, said lower prices of gasoline, extreme discounts, drier weather, pent-up consumer demand for discretionary items, and a calendar shift helped the declines in sales level off at about 20percentt in December.
Most mainland Chinese companies have yet to report earnings for the most recent quarter, but in a sign that consumer demand for big-ticket items like cars is ebbing, the automaker BYD recently cut its annual sales target for this year by 25 percent.
Monthly auto sales are seen as an early snapshot of consumer demand for big-ticket items.
Yet in a global downturn caused by plummeting demand for investment goods, electronics and big-ticket consumer items like cars, it has been the countries specialising in producing these things that have suffered the most.
But he said usage was increasing fast because rare earths are now used in so many consumer goods and because of the growing demand for such items in emerging economies.
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