I travel to Guangzhou China twice a year. I pay for my entire trip with replica products I buy there (including the suitcase to bring them home).
I now purchase from the same places each time, so the price and service has got better. In my experience the items which I have had the easiest time making a profit on (which is the point) are True Religion blue jeans, Bench brand jackets, and Lu Lu lemon brand jackets. You can buy these items in quantity for under USD$20 each, bring 50kilos of them home in your suitcase, and resell them within a couple days for USD$50 each just to friends and family. The quality on them is decent and nobody complains because the price is so cheap. Other items such as watches and sunglasses also work.
Now i wouldnt recommend trying to build a business on replica products, but it certainly will put an extra thousand bucks in your pocket anytime you need it.
Also if your dealing direct with anyone in China you will have the fear of sending money and getting scammed, as happens to every noob at buying chinese goods online. I had that same fear until I met my sources face to face a few times.
I will be back in Guang Zhou (where every replica product in the world is made and wholesaled) in April if you or anyone else happens to be there and wants to go out on the town and show the Chinese how to drink whiskey.