Hello intersectional thinkers 👋
Greetings from Hong Kong - where I wrapped up my Chinese New Year celebrations. Here’s to soaring to new heights in the year of the “loong 🐲” (to be distinguished from the dragon - details in PS).
Obsession with money is a core component of Chinese culture.
Every Lunar New Year, we wish for more riches.
But! Importantly, it’s not selfish greed.
We want to get rich together.
I give you a red envelope filled with cash, wishing you more wealth in the new year. And you give me a red envelope filled with cash back.
In a way, the collective focus on money binds the social fabric.
And it’s not just during the new year.
Just like in some countries, people tango to socialize their hot, raw passion.
In other countries, people exchange business cards with elaborate bowing ceremonies to foster social order.
In China, people bargain.
Some of my most fond memories in China are spent with my grandmother, learning her wisdom and art of bargaining.
So naturally, when I went to visit her this Chinese New Year, I had to pull out my Chinese Bargaining Playbook.
1. Browse nonchalantly while identifying product of desire
(say, some expensive strawberries that are currently in season)
2. Pick up a few decoys and casually ask for their prices.
Nod at the prices and express a mix of surprise and disdain for how overpriced things are.
3. Then move stealthily to your product of desire. Stay cool and get the price.
"100 RMB / box" they chirp back with a straight face.
Whatever they say, shake your head at the price and put it down.
4. Pretend to browse for a little while longer before floating back to your product of desire.
Pick it up and say, "What about (insert minimum 50% discount, but ideally at the 70% off mark) 30 RMB for this?"
5. Shopkeeper acts offended and reject your offer.
But of course, we're just getting started.
There are 2 ways the shopkeeper could respond to your 30 RMB:
1. No counter offer 🙅♀️
Okay, shopkeeper is playing hard to get.
Do not show weakness.
Continue (pretending) to browse, and simply wait for them to come back to you.
If they play hard ball and don't engage, do NOT re-engage. Pretend to leave.
Almost always, they will chase and give you a counter offer.
Which leads to…
2. Low ball counter offer 🤷
Shopkeeper is entertaining us. They come back with "30 not possible. Okay, have it for 75."
1. Go back to the 70% off price (30 RMB) and justify with some fault in the product.
I've seen my grandma pick at the threads and say, "Wah, look! This one is so damaged. Such poor quality. 30 RMB."
(Same tactics have also been successfully employed by my Korean friend's mom at Lululemon in Vancouver - universally effective)
2. If nothing is visibly wrong, use a random comparison you've "seen" or "heard". "Others sell the exact same strawberries for 50 RMB. How about 50?"
3. Or if you plan to buy more than one, try bulk pricing.
"Okay I'll get 2 for 60. Look how many you have left! Make it cheaper and I'll take two."
4. Or just pull the power move and hand them what you're willing to pay (below 50% off is recommended), in cash. "Just take the cash." That’s pretty hard to resist.
By the way, all this is happening in quick successions - so now you know why Chinese people are “so good at math” :)
As expected, you've got your bargain!
Both side knew this was eventually going to happen.
But it's not over yet.
Remember, Chinese bargaining is a social dance!
It's about that give and take.
So while the shopkeeper is packing up your bargain, you've got a little more acting to do. You've got to hold up your end of the bargain, and perform the social duty to help them sell.
Another shopper will inevitably float by and ask for the price of the same strawberries.
This is your cue to jump in:
"These are 100RMB... I know, it's crazy! But you know, you pay for what you get. I just got 2 boxes - so sweet. Shopkeeper - give him one to try!"
A little testimonial goes a long way to make up for that 70% discount, amirite?!
And just like that - you've got your daily dose of social interactions, math drills, negotiation practice, and sales training all thanks to a relentless focus on money.
4 birds with 1 stone - that's how money teaches you crucial life skills in China.
Wherever you are, I hope you get rich!
Vicky
PS. Here’s an entertaining video outlining why dragon and ‘loong’ are not the same
PPS. Want to have conversations discussing random thoughts like this? Fei and I are hosting Da Vinci Cafés where we do associative thinking through conversations. Join us at https://lu.ma/davinci!
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