China's 'Double 11' Shopping Festival Sees Record-Breaking Consumer Spending and Package Handling
China's consumer spending has rebounded strongly in the first post-COVID "Double 11" shopping festival, with transaction volumes reaching new highs on e-commerce platforms. Over 400 brands recorded transactions surpassing 1 billion yuan ($140 million), and the overall sales momentum indicates an optimistic outlook for consumer recovery in China. Both domestic and international brands performed well across various categories, and new brands made a significant impact. Livestreaming sales also saw a record growth, with JD.com reporting a cumulative audience of over 320 million. The rise of new brands and innovative products is seen as a significant change in the economic landscape following the pandemic.