Global companies gather in Cologne for Practical World
Cologne, Germany - March 16 - "China is very important because it is the world's factory. Last year, China's exports totaled $400 billion," said Ira Kalish, global director for consumer business at Deloitte Services, during a presentation at the Home Improvement Industry President Council's annual luncheon at Practical World, International Hardware Fair held here March 14 to 17.
"We have seen a huge increase in the number of middle-class consumers in China," Kalish said. "They are buying homes and buying products for their homes. Particularly in China and Southeast Asia, we're seeing a very rapid rise in home ownership. China is the fastest growing economy — last year it grew 9 percent."
Asia has steadily taken on a higher profile at Practical World as well. The number of exhibitors from Asia (China, Taiwan and Hong Kong) increased 20 percent to total 1,272 at this year's show compared with 1,057 Asian exhibitors in 2002.
"The Chinese are very open to being part of the global economy," Kalish emphasized.
Among other emerging markets, Kalish said India and Russia are growing rapidly. "Russia has been growing over the past few years because of oil prices," he explained. "India's growth has been from foreign companies investing and doing outsourcing."
In all, Practical World has drawn nearly 3,600 exhibitors from about 60 countries. Sponsored by the Koelnmesse, the trade show focused on tools, hardware, security systems, locks and fittings, as well as some home decor and home furnishings products. The once-annual event will now take place every other year. The next Practical World, International Hardware Fair, will be in 2006.
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