- Factories across Asia are struggling to attract young workers, posing a threat to the era of ultracheap consumer goods.
- Younger workers in Asia are choosing less grueling work in the booming services sector over factory jobs.
- Asian factories have had to increase wages and adopt costly strategies to retain workers.
- Multinational companies have been moving production from China to other Asian nations, but are still facing labor shortages.
- The shift away from ultracheap Asian factory labor is expected to result in higher prices for consumer goods.
The Era of Ultracheap Stuff Is Under Threat
Factories across Asia are struggling to attract young workers, which is bad news for Western consumers accustomed to inexpensive goods
Jon Emont
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