Hardly a day goes by now without some Chinese firm striking a deal to buy assets overseas, but the country’s best prospects for growth may be right in its own backyard. Vivi Lin in Beijing reports on how the world’s workshop is fast becoming one of the world’s top consumers.

Liz Claiborne CEO William McComb has noticed that certain shoppers are getting smarter.  Hear what he had to say at the Reuters Global Retail Summit about the new savvy shopper.

(Reuters photo)

Today I had the chance to sit down with the CEO of Liz Claiborne in our Times Square studios as part of the 2009 Reuters Global Retail Summit. Bill McComb says “the world has changed and it’s not going back to business as usual.” Click here to listen to what McComb described as the “new normal” and what the fashion company is doing to change the way it does business.

Liz Claiborne sees “new normal” from Reuters TV on Vimeo.

Nina Kampler said yes to a pair of sneakers, but no to a new prom dress.

Kampler, executive vice president of strategic retail and corporate solutions at Hilco, said she has cut back on some spending during the recession, but hasn’t skimped on items that her four children really need or experiences that educate or enrich their lives.

While the other members of her family nixed the annual Spring vacation to a resort, they will be taking a trip to Africa this summer. “One is an educational and growing experience, the other is sitting in the sun. It’s very different,” Kampler said during the Reuters Global Retail Summit in New York.

When asked about ways she or her family have changed their spending habits during the recession, Kampler said she has bought less clothing and did not buy an extra car for her kids who were coming home from college.

Although they may be able to afford the extra car, Kampler said she felt it was important to teach her kids to understand they can’t buy everything they want all the time.  Plus, they needed to learn to communicate with each other and coordinate who shares the existing cars. 

Areas where she hasn’t cut back?

“Absolutely no cutbacks on food or entertaining in my house, absolutely no cutbacks on the education and enrichment of my children.  No cutbacks on books and music, I feel these things nourish the soul,” Kampler said.

While she would buy a new pair of sneakers if a child needed them, she drew the line on a new prom dress for her daughter who already had a dress hanging in her closet.

“The generation that has been overspending for the past decade has the opportunity to get their kids on the right path,” Kampler said.  ”I’m more reflective, focusing on the lessons I want the next generation to learn.”

As far as other life lessons, Kampler joked that she would never marry someone who bought an engagement ring online.  ”People do that?” she asked, incredulous.

(Reuters photo)

Many U.S. consumers are not really in the mood to go on vacation. That's understandable, with all that's happening in the economy right now.
 
Guess who else is staying home this summer? 
"As a family -- my wife, my kids and I -- are making sure we're doing more in the way of 'staycations' as opposed to traveling as much," Stephen Sadove, chief executive of upscale retailer Saks, said at the Reuters Global Luxury Summit in New York on Tuesday.
 
The retailer's top executive said he was paring back expenses and planning to forgo his annual ritual of getting himself a new watch in the light of the economy. 
 
Sadove, who has personally paid to take his wife along in the past on a few of his European buying trips, said, "I didn't think that sent the right signal … We decided that wasn't the right thing to be doing."
 
One can only hope the struggling retailer's sales figures start sending the right signals soon.

(Reuters photo)

Interior designer Jonathan Adler points to his quirky and irreverent housewares as part of his success during the current economic environment. Click here to listen to what he has to say about his design aesthetic and how gloomy times might be driving people to bring home a little “happy chic.”

Adler: “Happy Chic” in gloomy times from Reuters TV on Vimeo.

This week we’re getting inside views from some of the biggest names in retail…from high-end fashion houses like Hermes to department store chain J.C. Penney. Optimism among those in the industry about a turnaround toward the end of 2009 springs eternal…but what are you seeing? Where are you spending? Or, are you trading down? Ditching Saks and heading to Target? Barclays retail analyst Bob Drbul says the key for consumers in the current economic environment, no matter where they shop, is “value.” Click here to hear his thoughts:

Are you changing your buying behavior? from Reuters TV on Vimeo.

Want to know what quirky housewares are selling during the recession?  Designer Jonathan Adler talks about one item that has taken off here.

(Photo by Dan Wilby, for Jonathan Adler)

As a designer, Jonathan Adler is not too worried about the recession crimping sales of his home goods.  As a newlywed, one issue that does concern him is the rights of gay couples.
 
Adler married Simon Doonan, the creative director at Barneys, in San Francisco last September.

As Adler told the Reuters Global Luxury Summit, he is “just trying to get my civil rights.”  He said most people do not understand rights that gay couples - even those married under state law - do not have.

“The state rights don’t really matter that much, it’s all about the federal rights,” Adler said.  “I think most people don’t understand the financial rights that are being withheld from us gays.”

(Reuters photo)

AT&T says it sees a lot of promise for the netbook and the connection fees that come with the devices as a growing source of revenue as consumers look to take broadband connectivity on the road. But will consumers be as enthusiatic to sign another contract for the service? Click below to hear AT&T’s President of Mobile & Consumer Markets talk about what he sees as the future of the netbook.

AT&T: Netbook popularity on the rise from Reuters TV on Vimeo.