Wednesday, August 02, 2017
High labor cost will increase service cost
ANBOUND
The current world trend is shifting towards consumption- based society, which may lead to the phenomenon of low inflation. While the society is transforming, so are the content and the mindset of consumption. The proportion of material consumption is decreasing while the needs for service-based consumption including areas like education, sports, culture, and tourism have increased, evolving into core contents of consumption with higher values. Inflation indicator based on consumption of physical goods subsequently remains at a low point. In future, service cost will eventually increase, caused by the high labor cost in the service industry.