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Singles Day

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business1 year ago

China's Singles' Day Faces Challenges Amid Economic Slowdown

China's Singles' Day shopping festival, once a major e-commerce event, is losing its appeal as the country's economy struggles with a real estate crisis and deflationary pressures. Consumers are spending less, skeptical of discounts, and cutting back on purchases due to economic uncertainty. E-commerce platforms like Alibaba and JD.com have stopped disclosing transaction values, reflecting the festival's diminished growth. Despite some success in categories like sportswear, overall consumer confidence remains low, with experts predicting continued slow growth for the event.

via Yahoo Finance|
#business#china#consumer-sentiment
business2 years ago

Apple's Singles Day Sales Lag Behind Huawei and Xiaomi in China

Apple experienced a 4% decline in smartphone sales during China's Singles Day shopping festival, while domestic rivals Huawei and Xiaomi saw robust increases of 66% and 28% respectively. The overall number of Chinese smartphones sold during the promotion period increased by 5% year-over-year. Analysts attribute Apple's sluggish performance to supply chain issues and competition from domestic rivals.

via Reuters|
#apple#business#china
business2 years ago

Record-breaking Singles Day sales in China showcase the fragility of consumer behavior

Chinese smartphone and consumer electronics company Xiaomi reported record sales of over $3.11 billion during the Singles Day shopping festival, selling products on platforms such as Alibaba's Tmall and Taobao, JD.com, Pinduoduo, and Douyin. Xiaomi's newly released Xiaomi 14 smartphone was the top-seller on Alibaba's Tmall, and the company claimed first place in various categories of Chinese brands' smartphone sales across other online shopping platforms. Livestreaming and short videos on platforms like Taobao and Douyin played a significant role in driving sales, with GMV from livestreaming rising by 19% during the shopping festival.

via CNBC|
#business#chinese-market#e-commerce
business2 years ago

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.

via South China Morning Post|
#business#chinese-consumers#e-commerce
economy2 years ago

Chinese Shopping Fest Exposes Consumer Woes and Diminishes Singles' Day Appeal

The price war among China's e-commerce retailers during the Singles Day shopping event is revealing weaknesses in household consumption and raising concerns about the country's economic slowdown. As the world's largest shopping festival, Singles Day has expanded into weeks of promotions, with platforms like Alibaba's Taobao and Tmall offering discounts and rock-bottom prices. However, data suggests a slowdown in sales, and consumer confidence remains weak due to macroeconomic headwinds and value-conscious spending. The triple dip in China's property sector, local government spending cuts, high youth unemployment rates, and falling wages have contributed to a thrifty consumer mindset. The fall in consumer prices and weak manufacturing surveys indicate a loss of growth momentum for China's economy.

via Reuters|
#china#consumer-confidence#e-commerce
economy2 years ago

China's Deflation Returns as Consumer Prices Decline, Raising Concerns for Fragile Economic Recovery

China's consumer prices fell by 0.2% in October, indicating an ongoing deflationary environment and sluggish domestic demand. Producer prices also declined, remaining in negative territory for the 13th consecutive month. The country's property sector, which makes up about 30% of its economy, is facing an ongoing debt crisis, further impacting consumer confidence. Despite targeted policy support, growth has remained sluggish. Investors are now closely monitoring the Singles Day shopping festival to assess the strength of Chinese consumption, although expectations for this year's event are muted.

via CNBC|
#china#consumer-prices#deflation
business2 years ago

Singles Day 2023: Challenges and Opportunities for China's Biggest Shopping Festival

A survey by Bain and Company reveals that Chinese consumers are expected to limit their spending during this year's Singles Day shopping festival, with 77% of respondents stating they do not plan to increase their spending. The study also found that nearly half of consumers are opting for cheaper brands or private label products. Slowing economic growth and concerns about future income have contributed to the cautious consumer sentiment. Livestreaming and social media platforms are becoming increasingly popular for selling products in China, and the expectation is that livestreaming will continue to grow in importance.

via CNBC|
#bain-and-company#business#china