Until recently, the easiest way to make money inChina was selling discretionary goods that were notdiscreet. Aspirational brands from Burberry to Jaguar Land Rover profited nicely fromconsumerism unleashed.

直到不久前，在中国最轻松的赚钱方式还是销售奢华的非必需品(discretionary goods)。从博柏利(Burberry)到捷豹路虎(Jaguar Land Rover)，那些人们渴望拥有的品牌从中国兴起的消费主义中获利丰厚。

That era is over, and many foreign investors who once made bold bets on Chinese baubles arecowering before a stock market crash and a wobbly economy. But the Chinese consumer hasnot stopped spending; he or she is spending differently. Retail sales growth for July was upone-tenth from a year earlier. A significant slowdown from the 23 per cent pace reached duringthe 2008 stimulus, but as buyers start to differentiate between goods there will beopportunities to outgrow the market. Those frightened by China’s current meltdown —everyone, that is — will look to defensive consumer staples.

现在这个时代已经结束，许多曾经大胆押注中国奢侈品市场的外国投资者在股市暴跌和经济不稳面前退缩了。但中国消费者并未停止消费;只不过是他们花钱的方式有所不同了。7月零售销售同比增长10%。这远低于2008年刺激方案出台期间23%的增幅，但随着消费者开始注重商品之间的差别，有些品牌的增长将超过整体市场。那些被中国当前严峻局面吓到的人(也就是所有人)将考虑防御性的必需消费品领域。

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