US EditionChina's Singles Day Sales Slow as Consumers Cut Spending
Consumers reduced spending this year with Singles Day sales hitting over 1 trillion yuan by Oct 31, reflecting caution amid income cuts and economic uncertainty, analysts say.
- On the week of Oct. 9, Singles' Day sales began early as shoppers cut back during the extended festival, signaling weaker demand, analysts say.
- Income cuts and economic uncertainty have prompted shoppers to downgrade purchases and avoid nonessentials, while online platforms' complex promotions produce consumer fatigue, analysts say.
- On-the-Ground examples show consumers shifting to cautious spending as Alice Zhang, a 29-year-old marketer in Guangzhou, spent around 3,000 yuan this year, while retailers doubled livestreaming studios to about 50.
- Retailers launched the festival early to offset weak demand, starting in mid-October, while expanding overseas with Alibaba-owned Taobao promoting Singles Day in 20 countries, Bain & Company said last month.
- Despite headwinds, Singles Day's scale remains vast with 2024 Singles Day global sales at $203.6 billion and last year's Chinese research firm's 1.4 trillion yuan figure, while observers watch it as an economic indicator as China's leaders vowed to "vigorously boost consumption" amid challenges.
63 Articles
63 Articles
China's Singles' Day shopping festival winds down with 'muted' sentiment, sales expectations
SHANGHAI: China's Singles' Day sales festival is coming to a close after more than a month of promotions on the country's largest e-commerce platforms, which failed to spark widespread consumer excitement during the world's largest shopping event.Consumer malaise in China, stemming from a prolonged property c
JD.com Singles’ Day Sales Jump to Record Despite China Deflation
One of China’s biggest e-commerce platforms said it generated record sales during the country’s massive annual online shopping gala, belying concerns that persistent deflation is discouraging consumers from spending in the world’s No. 2 economy.
The Singles Day on November 11th is China's largest shopping event with sales of 80 billion dollars in one day. Originally launched as a party for single people, it developed into a consumer tradition with discount promotions and huge shipping volume.
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