HONG KONG (AP) – Chinese consumers expect to spend billions on everything from fresh foods to luxurious items at this year’s Singles Day Shopping Online Shopping Festival as the country recovers from the epidemic.
This shopping festival, which is the largest in the world and falls on November 11 every year, is the annual landing where Chinese e-commerce companies, including Alibaba, JD.com and Pindudo, offer generous discounts on their platforms. Last year, shoppers spent Al 38.4 billion on Alibaba’s e-commerce platforms Tlmal and Taobao.
This year’s festival will be closely watched as a barometer of consumption in China, which has begun to recover from the coronavirus epidemic after a month-long lockdown earlier this year.
Analysts expect Chinese consumers to spend more on imported products and foreign luxury brands, as many Chinese tourists were unable to travel internationally due to the coronavirus epidemic and strict travel bans.
A survey conducted by Oliver Weiman Consulting Company found that 86% of Chinese customers are willing to spend the same or more during last year’s Singles Day Festival.
“Wealthy families have actually spent more money in the last six months,” said Sean Shen, leader of consumer and strategy fitness for EY in Greater China. “We have also seen an increase in purchases of luxury segment products due to international travel restrictions.”
Sales of electronic goods and health and wellness products are also expected to increase, as more people work from home and pay more attention to their health amid the epidemic, according to a report by consultancy Ben & Co.
To help merchants cope with the effects of the coronavirus, plat online platforms have extended the shopping festival time this year in hopes of boosting sales.
Alibaba and JD.com, the country’s two largest e-commerce companies, both Three weeks before the 11th, the exemption began on October 21st. Some brands and merchants that have lowered their prices booked hundreds of millions of yuan (tens of millions) in just hours of sales at the Shopping Festival.
Tang Chengui, an electrical engineer living in Beijing, sees Singles Day as an opportunity to stock up on snacks and products imported from Australia, such as milk. Ahead of the festival, Tang pre-ordered 3b, x of duck eggs, 10 packets of soybean milk powder, two boxes of yoghurt, coffee and wine.
“I’m buying more snacks this year because I just moved into a new apartment apartment and have enough storage to stop at any snack I like,” Tang said. “Some of these products are really cheap during singles’ day discounts.”
U.S. Unlike Black Friday and Cyber Monday in, Singles Day in China is not just about deep bargaining. Alibaba pioneered the idea of Singles Day and hosts its annual gala on November 11th.
E-commerce companies do not break Singles Day sales by brands so it is difficult to know what shares go to foreign companies, although some companies may announce their launch.
Sales sold through livestreaming and Alibaba’s annual gala are part of a “shoplifting” trend that blends shopping with entertainment to make shoppers more attractive and compelling.
Shopping Mini games within the online shopping platform are tempting with disc discounts in the shop while encouraging to spend more time in the app.
Wang Xiaofeng, a senior analyst at Forrester, said, “Because of the Covid-1 of, brands and retailers have doubled their growth in e-commerce and livestreaming commerce, and it will be strong this year (Singles Day).” Wang Xiaofeng said.
But while millions of shoppers spend hours on mini-games hoping for better bargains, some rejoice over the complexities required to win such discounts.
Liu Zero, a 27-year-old accountant based in Beijing, said the Black Friday discount is better and more direct. “Now, I still ask my friends to help buy things from the US during Black Friday.”
“The rules surrounding singles day discounts are now becoming increasingly complex,” he said. “I usually spend my money on Black Friday, and buy less on Singles Day.”
Chen, an AP researcher in Shanghai, contributed to the report.
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