BEIJING, The Singles' Day shopping festival on the 11th of the 11th lunar month in China appears to be losing popularity this year. When special prices and discounts failed to attract Chinese consumers during the country's economic slowdown.
The Singles Day Shopping Festival was launched by Alibaba in 2009 and has since become a lucrative time of year for retail in China. Sales in 2022 reached 1.1 trillion yuan (about 5.48 trillion), but a survey this year from consulting firm Bain found that 77 percent of respondents did not plan to make any special purchases during Singles' Day. Some people will use this time to buy only products they use in their daily life. Some people think that the prices are not as attractive as in the past. and saw that some websites had already raised prices in advance
Chinese consulting firm WPIC Marketing + Technologies points out that the Singles Day shopping festival has lost its magic due to a combination of factors. One of them is that there will be live streaming sales and many secondary shopping festivals, so consumers won't have to wait until November 11. Meanwhile, the Chinese authorities just announced a few days ago that The Chinese economy returned to deflation in October.
Source: Thai News Agency