China was the first nation in the world to recover from the economic set back due to the coronavirus pandemic. There was a time when the spending capacity of the people in the Asian country was severely affected. But now the country seems to be ahead compared to the other nations and is now gearing up for the big online shopping festival. The consumers in China are expected to spend billions on things from fresh food to luxury items on this year’s Singles Day online shopping festival.
It is one of the largest shopping festivals in the world and falls on November 11 every year. This is a time when the e-commerce giants like JD.com, Alibaba and Pinduoduo make the most of the time and offer fabulous and lucrative discounts for the consumers. In 2019, it was reported that the consumers spent $38.4 billion on the e-commerce platforms Tmall and Taobao by Alibaba. According to the analysts, the Chinese consumers are expected to spend more on imported products and foreign luxury brands.
The prediction was made as a number of Chines citizens could not travel abroad due to the pandemic and due to that they would be spending more on imported products. A survey also revealed that 86 percent of the consumers in China had expressed that they are willing to spend as much or even more than what they had spent in 2019 for the Single’s Day festival.
It is also predicted that the sales for wellness and health products is expected to rise as a number of people continue to work from home and are paying more attention towards their health. Alibaba and JD.com had started giving out discounts since the month of October, 2020 about three weeks before November 11, 2020. There are a number of brands and companies who slashed their prices and got in to the sale section to earn millions of yuan.
Photo Credits: Pixabay
