On the eve of Single’s Day, Chinese consumers are expected to spend tens of billions in online shopping festival, right from fresh food to luxury goods this year as the country recovers from the pandemic in a drastic way.
The world's largest online shopping festival falls on November 11 every year, is an annual extra special exhibition where the China's e-commerce companies, including Alibaba, JD.com and Pinduoduo, offer generous discounts upon the products on their platforms.
Alibaba's e-commerce platforms Tmall and Taobao last year reported a turnover of USD 38.4 billion and this year will be closely watched as a barometer of consumption in China post pandemic crisis. Alibaba and JD.com, the country's two biggest e-commerce companies started their discounts for the online shoppers on October 21, three weeks ahead of November 11. Some brands and merchants who have slashed their prices bagged hundreds of millions of yuan (tens of millions of dollars) in sales in just few hours into the shopping festival.
Due to the coronavirus pandemic induced tightened travel restrictions, financial analysts expected Chinese consumers to spend more on imported products and foreign luxury brands as they were unable to travel internationally.
"Because of COVID-19, brands and retailers have doubled down on e-commerce and livestreaming commerce to drive growth, and it will show strongly on (Singles' Day) this year," said Wang Xiaofeng, a senior analyst at Forrester. "Black Friday discounts tend to be better, and they are more straightforward," said Liu Zhirou, a 27 year-old Beijing-based accountant.