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fortune_nookie
Reacher
Joined: Apr 07, 2003
Posts: 343
Status: Offline
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 Posted:
Dec 16, 2007 - 11:52 AM |
 
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| Post subject: Am I getting cheap or.... |
Am I cheap or is Shanghai getting expensive?
I have noticed certain things here are getting ridiculously expensive for ex-pat type items and services.
Some examples are
138rmb for an appetizer at Friday’s (not that I am a Friday’s fan) but 20 bucks for a sampler plate of cheese sticks and potato wedges!
Box of Wheaties in City 88RMB THAT’s 11 USD for a box of cereal that cost 3 bucks in the states!
X-mas dinner, per person, just about anywhere Sofitel 1,288 RMB Hyatt 999RMB, JWM 688RMB Royal Meridian 788rmb these are New York prices they should not be Shanghai prices.
Small piece of quiche at Paul’s bakery 58RMB
I can easily afford these things if I want them but as I stop to look at the value I have to think if it is really a good value or not, it’s not just about the money I have plenty of that.
I have started buying many more local items just because of the value. I had moon cakes, (Xie Rou yue bing)on Huai Hai road yesterday, 3 for 6 RMB, I love shen jian, 3.5RMB for 4 pieces, 8 makes a meal for less than a buck. Some street food that was discussed in a previous tread is also fantastic and a great value.
I guess I will continue to get the things I really want like Cheeze-its for 60RMB per box but as they ex-pat service & goods providers continue to gouge us I am going to start to look more at the value the local community provides. |
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DesertSpider
Post Boaster
Joined: Jan 19, 2007
Posts: 4725
Location: SHANGHAI, CHINA
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Dec 16, 2007 - 12:18 PM |
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I agree, spiraling out of control on "pricing" - I think it takes a while of negative 'discretion' on the part of the expat community before the retailers come back to reality. |
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boredengineer
SuperStar
Joined: Oct 17, 2007
Posts: 1344
Location: Shanghai
Status: Offline
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Dec 16, 2007 - 01:07 PM |
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Yeah I agree. My friends don't really know anything about China, when I tell them in Shanghai they just think everything should be dirt cheap. They are always surprised how much stuff costs here. |
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hamer
Seeker
Joined: Nov 05, 2002
Posts: 43
Location: shanghai
Status: Offline
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Dec 16, 2007 - 01:11 PM |
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YES, even vegemite is up about 25%..............ridiculous. As the renminbi is not allowed to appreciate, the retailers are taking it upon themselves to gouge the expats. |
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actions create obligations.......... |
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jzzzzzzz
StreetBeater
Joined: July 07, 2006
Posts: 2297
Status: Offline
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Dec 16, 2007 - 01:12 PM |
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Imported foods and meals in five star restaurants are crazy prices all over the world. The secret is to buy other things! |
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sploke
Squeeker
Joined: May 05, 2007
Posts: 19
Status: Offline
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Dec 16, 2007 - 01:41 PM |
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just as fortune_nookie said -I have plenty of money. With such comments, well, the locals will think -I haven't got much, so why can't I share some of your wealth? why not indeed, especially since you willingly choose to come to my country to be 'suckered' by me!! and so why not? you sure this is a 'market economy'?? yet.. |
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DesertSpider
Post Boaster
Joined: Jan 19, 2007
Posts: 4725
Location: SHANGHAI, CHINA
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Dec 16, 2007 - 03:48 PM |
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A realistic plan would just be to buy in less quantity and less frequently. Simple supply vs. demand would keep prices in check - which is the ultimate goal, not lining pockets of those who choose to gouge the market. |
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PaulR
Talker
Joined: Dec 05, 2007
Posts: 89
Status: Offline
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Dec 16, 2007 - 04:40 PM |
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I've almost stopped buying from the import isles in the supermarkets or Carefore/Cityshop etc cuz there stuff is crazy prices..........I've found very good local substitutes at a fraction of the cost for all my essential needs........OK, I do get Blue Cheese from City Shop as its the best I've found out here....but If I was you Mr/Mrs Nookie, I'd shop local for a while and try things out. |
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spandex
Rocker
Joined: June 06, 2006
Posts: 652
Status: Offline
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Dec 16, 2007 - 04:49 PM |
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Just as an observation, it's not just the expat goods and services, local food inflation is just under 20% year on year, with pork up over 50% on last years prices. Inflation is at 6.9% against govt target of 3%, food makes up about one third of the index. I remember 3 years ago a litre of milk was 4.5 rmb, now its 7 rmb in my local shop. As for the expat stuff, I've never been one for shopping at City, or the expensive expat restaurants, they have always been a rip off |
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If moths like the light so much why do they only come out when its dark? |
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andyfff
Rocker
Joined: July 03, 2005
Posts: 721
Status: Offline
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Dec 16, 2007 - 05:59 PM |
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And if you think about it, prices for imported items should be going down with the strength of the yuan. The currency has gone from 8.1 RMB to the dollar to 7.34 in about a year, that should mean that items purchased from America are cheaper, but they do seem to be going up. Greedy distributors perhaps? |
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Reg_Reagan
StreetBeater
Joined: July 18, 2006
Posts: 2460
Location: Friggin' Cessnock...
Status: Offline
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Dec 16, 2007 - 06:12 PM |
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Its not like sales go down with the price increase so why not keep raising it.
You cant eat the local stuff without dying or getting some disease so families are happy to pay extra for imported pepsi and snapple and olives |
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Go and get stuffed the lot of youse... now get me a KB woman... |
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DesertSpider
Post Boaster
Joined: Jan 19, 2007
Posts: 4725
Location: SHANGHAI, CHINA
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Dec 16, 2007 - 06:41 PM |
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| andyfff wrote: |
| And if you think about it, prices for imported items should be going down with the strength of the yuan. The currency has gone from 8.1 RMB to the dollar to 7.34 in about a year, that should mean that items purchased from America are cheaper, but they do seem to be going up. Greedy distributors perhaps? |
EXACTLY |
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Kiwi
Board Lord
Joined: May 07, 2003
Posts: 5254
Status: Offline
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Dec 16, 2007 - 07:03 PM |
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Reg sounded suspiciously coherent just now.
Latest shipment of KB been held up in customs? |
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Rhum and Voodoo |
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thewalrus
Shanghai Royalty
Joined: Apr 28, 2004
Posts: 8574
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Dec 16, 2007 - 07:17 PM |
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Reggie, whats going on? You off the booze mate? |
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mach schau! |
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CoffeeHawk_0
Board Deity
Joined: July 14, 2005
Posts: 19082
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Dec 16, 2007 - 09:41 PM |
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Unbridled capitalism.
The high end apartments off Nanjing Xi Lu: they're asking 45,000rmb/sq. meter now, that's a 10,000 rmb increase in just 1 year. |
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Michael
Moderator
Joined: Mar 22, 2002
Posts: 6337
Status: Offline
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Dec 16, 2007 - 10:02 PM |
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Yep.. its charge what the market will pay.. and as long as people pay... there will be someone to take advantage of it. There are few things I buy as imports ( imported cereal is not one of them). Even with the price increase, the price of local food is still one of the good deals here. |
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boredengineer
SuperStar
Joined: Oct 17, 2007
Posts: 1344
Location: Shanghai
Status: Offline
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Dec 16, 2007 - 10:09 PM |
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what kind of local food do you mean? |
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edbreejen
Ranter
Joined: Apr 24, 2003
Posts: 560
Location: Shanghai, Zhongshan park area
Status: Offline
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Dec 16, 2007 - 10:19 PM |
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Easy to set-up payback time in a market economy isn't it. Organise buying of all the same goods at City at their outrageous prices until they are out of supply. They order much more and do the trick again...they stock up enormous amounts .... and then we all stop buying and they're screwed. They probably start with heavy discounts and ask why nobody came back...then it's time to tell what we always wants to tell these City guys and their inflated prices...helps for the next 6 months |
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wonderer
Rocker
Joined: Sep 25, 2006
Posts: 674
Status: Offline
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Dec 16, 2007 - 10:27 PM |
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^ Okay, you go first.
^^Almost anything that's not imported?
Look for local alternatives, but pay up for the imported things that you really miss. The details are different for everyone, but it's the same principle. I've lived in several countries and one of the most positive aspects is trying the local food and drink. I sort of pity the type who stays in the expat comfort zone and never ventures outside. Then again, they're the ones driving up the prices of imports... bastards! |
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Andreas
Board Legend
Joined: Feb 27, 2004
Posts: 10156
Location: s/v Waratah
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Dec 17, 2007 - 12:30 AM |
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I just came back from South Africa, despite the nice people that live there another place that is being governed by crooks and thieves, not unlike China. Made me realize how overpriced everything here is. This place is more expensive than Singapore and Hong Kong by now. Even more if you look at 'value for money'. |
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Time is the very substance of life; its golden minutes are the only stones we have with which to build. That spiritual building, not made with hands. |
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CoffeeHawk_0
Board Deity
Joined: July 14, 2005
Posts: 19082
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Dec 17, 2007 - 07:05 AM |
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it will be painful for some people when all the 'bubbles' begin bursting |
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sienna
Post Roaster
Joined: July 17, 2006
Posts: 4053
Location: stockholm/shanghai
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Dec 17, 2007 - 08:03 AM |
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those products are especieally targeted to Shanghai expats WHOM earn 70000 a month and get their luxury apartment paid for, of cours they are going to set those prices.
LOGIC people, LOGIC |
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Shopgirls Shanghai <-- a different girly Shanghai blog |
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iara
Fire-eater
Joined: June 09, 2006
Posts: 2676
Location: brazil-shanghai
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Dec 17, 2007 - 08:59 AM |
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prices are rising everywhere here!
supermarket (we need to know where and what to buy, same german cheese is 80rmb 500gr at Carrefour and 76rmb per kg at Metro)
even at the fake market and fabric market prices are becoming crazy, but this is because people from places like Europe where everything is so expensive come here and think eveything is so cheap...they pay 500rmb for things that we use to pay 50rmb!
rentals are also going crazy...after 6 months rental here we could build a house in Brazil!
but, we know, we cause this...we pay for it (ok, for most, company pays).
international school is absurd pricey (us$2000/month for a 6 years old kid!!!!)
we just can survive here or if we lived mostly like a chinese or if companies pay for expensives stuffs like rental and school.
for others things, I try to adjust. Some stuffs I need to buy at Carrefour, some ayi buys at wet market, and sometimes we deserve some things and we pay for it.
But I don't know till when we can live this life here...yep, this bubble will explode and then companies will realize that we are too expensive for them, prices will rise more and more, and criminality will become a simple fact of day life here...
I just hope that we can be able to enjoy a little more this fantasy island till everything goes down... |
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I'm my husband slave! |
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Michael
Moderator
Joined: Mar 22, 2002
Posts: 6337
Status: Offline
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Dec 17, 2007 - 10:45 AM |
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Local food... food produced locally in China. I still can get a decent multidish chinese meal at a Megabite for 30-40 RMB. Even the cheap places in the US are getting toward $10 a meal now. Vegetables are tremendous deal here. Green onions I often use as an example - at the wet market - a huge bundle for 1 kuai or less. In the US a tiny wrapped bundle for US $1 or more.
In this market, there still have to be a way for local people making a 1000 RMB a month to exist or they risk major disharmony. |
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msittig
LoopKicker
Joined: Oct 06, 2004
Posts: 845
Location: Zhangjiang High-Tech Park
Status: Offline
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| Posted:
Dec 17, 2007 - 10:56 AM |
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| Quote: |
| Green onions I often use as an example - at the wet market - a huge bundle for 1 kuai or less. |
Never pay for green onions. |
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╔囧╗╔囧╝╚囧╝╚囧╗ |
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