keeveek: Well, there still are many people who buy new things only because there are advertised, but it doesn't refer to any country. It's more like state of mind "Gosh, I have so much money I don't know where to spend", that occurs all over the world.
I don't know much about China, but I think it's the work ethics , which are much different than here, more respect to their time and money earned, this is why they are less likely to buy new Iphone just because it's new.
But I'm just assuming, maybe you could tell me (us?) more about that :-)
It's hard to say, but the government seems to be more focused on getting people jobs. Productivity seems to be crap as every grocery store I've been to will have at least one employee for ever 4 aisles in addition to the usual staff one would expect.
Things also end up being quite bureaucratic with papers traveling across multiple people's desks each having to stamp it. I'm guessing that there's a fair amount of idle time as back in the US we would have each person processing the entire form rather than four people processing a quarter each.
There's also no expectation here of ever retiring without living with ones children and ones own savings. And I think that probably is the biggest difference, at least as far as I can tell. People don't expect to have the government or a pension step in and pay the bills when they get old here. What they have for emergencies and for retirement is the cash they have in the bank.
I suspect that if Americans and probably Europeans as well, didn't just expect to have a retirement income or money if they got seriously injured that you'd see changes in the spending patterns as well.
It's going to be really interesting to see how things go in the US as we get closer and closer to proper universal health care. By 2014, we'll have gotten nearly there and I expect before too long that the last steps will be made, but even just with the system as it will be in 2014 we should star to see differences.