China’s second-largest annual e-commerce event, Single’s Day, has already started in mid-October, a significant move to boost spending in a sluggish market.
China’s biggest online shopping event takes place on November 11 each year.
China has been afflicted by issues such as increasing youth unemployment, a prolonged property crisis, a budget deficit, and an ongoing trade war with the US, all of which are causing the nation’s buyers to cut back on spending.
The Chinese government has been spending billions through family support allowance, wage increases, and discounts for consumer goods as a countermeasure, but retail sales growth is still failing to meet expectations.
Single’s day was originally created by Alibaba as a Chinese shopping festival and is equivalent to Amazon Prime Day or Black Friday promotions globally.
The event is marked by slashed prices, discounts, with most retailers in the country racing for sales in stores and online.
It has been observed that over the years, the sale window has been developed from a single day into one of the year’s biggest shopping events and is often heralded by spectacular opening events featuring popstars like Jessie J.
This year, retailers launched their sales campaigns in October, coinciding with the end of China’s Golden Week holiday.
Alibaba, which operates online platforms Taobao, Tmall and AliExpress, announced that it is officially kicking off this year’s “11.11 Global Shopping Festival” on October 15.
The firm is specifically utilizing artificial intelligence in its recommendation tools to make it convenient for shoppers to navigate its vast offerings and suggest appropriate items.
Chinese consumers have adopted more frugal spending habits since the Covid-19 pandemic, a trend that has continued as they battle economic uncertainty.
The early start will offer a direct and government-backed effort to inject power into a stagnant economy and boost consumer confidence.
