Chinese Consumers Embrace Low Prices and Local Brands on Singles' Day 2023
Chinese consumers are seeking low prices and local brands on Singles' Day, the world's largest shopping festival, as the country's economy shows signs of improvement. With concerns over the property market and a slowdown in GDP growth, consumers are becoming more value-conscious. E-commerce giants like Alibaba and JD.com are relying on bargain prices to attract customers in the face of increased competition and a sputtering economy. Despite the sluggish mood among consumers, recent retail data has shown improvement, and the rise of domestic brands threatens the market share of foreign brands.
