The biggest shopping event of the year, Singles’ Day, or November 11, in China, is starting to become unpopular with consumers. At the same time, the Chinese economy is experiencing a slowdown.
China’s annual Singles’ Day online shopping event ended at midnight on Saturday (November 11). Consumers seem to be paying no attention to hot deals and discounts, while China, the world’s second largest economy, is in a state of slowdown.
Singles’ Day, which lasted for more than a week this year. Chinese tech giant Alibaba was born in 2009, and since then sales have skyrocketed every year. Singles’ Day sales last year reached 1.1 trillion yuan, or about 5.48 trillion baht, but according to a recent consumer survey by consulting firm Bain, 77 percent said they did not plan to spend more than usual during the sales event.
“These days, people are consuming less,” said a Chinese woman. “People don’t have as much desire to buy things,” she said. Instead, she used the sales to buy essential products for her daily life. While many say the Singles’ Day discount offers for this The year is not as good as it was in the past.Some websites raise prices in advance just to lower prices during the holidays.
This should be the second year in a row that Singles’ Day sales continue to exceed 1 trillion yuan, said Vincent Marion, co-founder of VO2 Asia Pacific, a consulting firm specializing in the digital economy. Sales are slowing due to changes in Chinese consumer behavior and an increased focus on saving. Consumers are better educated. There is more demand. They have more discretion in spending.”
According to VO2 Asia Pacific, sales since the start of the Singles’ Day promotion on October 24 are down 7.5 percent compared to last year. Marion said 42 percent of Singles’ Day shoppers this year ordered everyday consumer products and there were fewer purchases in the luxury category.
Jacob Cook, co-founder and CEO of e-commerce consulting firm WPIC Marketing + Technologies in China, points out that Singles’ Day shopping is starting to lose its charm due to many factors. Both of them spread live streaming to sell stuff. There is a secondary shopping festival. A lot happened
Some platforms have started selling products on Singles’ Day this year. Since the end of October, Alibaba and its main competitor, JD.com, have not disclosed last year’s sales figures. He said sales were stable from the previous year.
Sales are slowing down this year. It also comes after China announced this week that the country was back in contraction in October. It stresses the duty of officials to act in order to accelerate demand for consumer goods. The Chinese government has taken measures to support its deteriorating economy in the past few months. By revealing various measures targeting the real estate sector, which is suffering from serious deterioration. It announced plans for huge spending on infrastructure.
“Reader. Infuriatingly humble coffee enthusiast. Future teen idol. Tv nerd. Explorer. Organizer. Twitter aficionado. Evil music fanatic.”