薪酬的快速增长和较低的债务水平是消费繁荣的原因。
乐观者则认为,经过多年的消费繁荣期,零售业走向“成熟”是在所难免。
An inevitable "maturing" of the market after several seriously go-go years of spending say the optimists.
近十年来为亚洲的经济增长提供动力的美式消费繁荣和不断扩大的美国贸易赤字已经告一段落。
America's consumer boom and widening trade deficit, which powered much of Asia's growth over the past decade, has come to an end.
得益于美国,英国及西班牙受信贷驱使的消费繁荣,德国企业向其出售了大量高品质的轿车及其他耐用品。
German firms sold into the credit-fuelled consumer booms of America, Britain and Spain, supplying high-quality cars and other durable goods.
西班牙的消费繁荣与膨胀的经常项目赤字得以毫无节制地持续下来,正是因为海外债权人的汇率风险减小了。
Spain's consumption boom and ballooning current-account deficit continued unchecked because foreign lenders faced less currency risk.
除去眼前的危机,未来的增长从何而来?近十年来为亚洲的经济增长提供动力的美式消费繁荣和不断扩大的美国贸易赤字已经告一段落。
Beyond the immediate crisis, where will growth come from? America's consumer boom and widening trade deficit, which powered much of Asia's growth over the past decade, has come to an end.
在美国信贷繁荣的时候,房产成了提款机,人们将再抵押贷款发行股票,又刺激了他们消费。
In America houses turned into cash machines during the credit boom as people remortgaged to release equity and boost their spending.
因为数百万人把住房作为一般贷款的附属担保品,房价飙升也拉动消费激增,随着繁荣的持续,破产的危险泡沫也越吹越大。
Since millions use their homes as collateral for general loans, the house-price boom also exaggerated the consumer boom while it lasted, and amplified the bust when that came.
自2007年以来,巴西私营部门信贷将近翻番,这促进了消费的繁荣,就连里约热内卢一些需要警察维持治安的贫民窟,房价在三年之内都翻了一番。
In Brazil, where a near-doubling of private sector credit since 2007 has prompted a consumption boom, house prices in some police-pacified Rio slums have doubled in three years.
出口的繁荣是因为超级便宜的日元和美国的超前消费。
Exports boomed on the back of a super-cheap yen and America's consumer binge.
反而,亚洲可能需要自行摸索开拓,创建出一个不依赖于物质消费不断增长的繁荣观。
Asia may instead need to carve out a vastly different vision of prosperity that does not rely on ever-increasing levels of material consumption.
他认为,这种行为变化标志着从繁荣时期习惯于铺张挥霍到现在节约成为新消费文化的长期性转变。
He believes this change in behaviour marks a long-term shift from the spendthrift habits of the boom to a savings culture.
中国的经济繁荣包括真正的经济高速增长,伴随着消费增长,但后者并非其增长的主要驱动力。
The economic boom in China has consisted of rapid increases in true economic growth accompanied by -but not driven by -an increase in monetary spending.
随着房地产行业的繁荣,有关奢侈品消费、快餐店数量以及家装需求增长高达两位数的报告数不胜数。
There are countless reports of double-digit growth rates in luxury goods, fast-food outlets and home furnishings to go along with the property boom.
国内经济出口的增加,商业的茁壮成长、消费者的信心,原材料和农产品出口的增长都使经济繁荣昌盛。
Rising output in the domestic economy, robust business and consumer confidence, and rising exports of raw materials and agricultural products are fueling the economy.
过去十年里大部分增长都反映了低息欧元所带来的横财——它引发了消费市场繁荣,包括智能汽车,境外旅游,私人教练等行业。
Much of the growth over the past decade reflected the windfall of cheap euro interest rates, which stoked an exuberant consumer market, complete with smart cars, foreign travel and personal trainers.
“如果没有答案的话,很难赢回消费者的信任,也就很难恢复市场的繁荣,”他在卢森堡的一个紧急会议上说。
"Without this answer, it will be difficult to regain the trust of consumers, which is essential for the market to regain its strength," he said at emergency talks in Luxembourg.
虽然国内消费开始繁荣,但中国出口为导向的制造商正陷入困境。
As domestic consumption booms, China's export-oriented manufacturers are under siege.
长期扩张有赖于繁荣的私人消费和公共支出。
The long expansion was sustained by buoyant private consumption and public spending.
实际工资的缓慢增长以及小心谨慎构成了他们在全球繁荣期间消费依旧疲软的重要原因。如今通胀的回落应该可以抬升实际收入跟支出。
Weak consumption during the global upswing was down to low real-wage growth, as well as caution: falling inflation should lift real income and spending.
但实际上,在资产市场繁荣的国家,资产价格上升时消费品价格通常不会下跌,而是一前一后上涨。
But in reality, consumer prices in countries with booming asset markets do not usually fall while asset prices rise; both usually rise in tandem.
在英国,考虑到其金融产业、房地产繁荣和消费者债务的规模,资产负债表的调整幅度将更大。
In Britain, given the size of its finance industry, housing boom and consumer debt, the balance-sheet adjustment will, if anything, be greater.
几十年的繁荣使得消费者已经习惯了有广泛的选择。
Decades of prosperity have accustomed consumers to a wide range of choice.
同理,在繁荣的前提下,大宗商品的消费者将会竭尽全力地去追逐这些原材料以至他们把价格推高到非常荒唐的水准,至少在一段非常短的时间内是这样。
Similarly, in boom conditions commodity consumers will be so desperate to get their hands on raw materials that they will drive prices up to absurd levels, at least for a short time.
在经济繁荣期德国消费者们却呆在家里。
这种感觉抑制了消费开支,与经济繁荣时的财富效应刚好相反。
This feeling has, in a reversal of the boom's wealth effect, curbed consumer spending.
对于消费者而言信息的繁荣增长严重地削弱了中等企业。
The boom in information for consumers has also severely weakened middle-market firms.
在经济繁荣期,从信用卡接近透支极限的消费者到借债更多的金融公司,整个富裕国家里债务增加,削减债务现在尚处于开头阶段。
Debt rose across the rich world during the boom, from consumers maxing out credit CARDS to financial firms taking on more leverage, and the process of reducing it is still at a very early stage.
在经济繁荣期,从信用卡接近透支极限的消费者到借债更多的金融公司,整个富裕国家里债务增加,削减债务现在尚处于开头阶段。
Debt rose across the rich world during the boom, from consumers maxing out credit CARDS to financial firms taking on more leverage, and the process of reducing it is still at a very early stage.
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