Singles' Festival, which once heated up the Chinese consumer market, is gradually losing its enthusiasm. Single's Day, a large-scale discount event held starting on November 11, started under the leadership of Chinese e-commerce companies such as Alibaba and established itself as China's largest shopping festival, but has recently slowed down due to consumer fatigue and the economic downturn. It's slowing down.
This year's Single's Day started early and the promotion period was extended. As various platforms, including Douyin, began marketing in early October, consumer fatigue is accumulating. In addition, amid heated competition, sellers are introducing more aggressive discount policies, but consumers appear to be becoming insensitive to them.
In the past, during Singles' Day, there were many consumers who purchased products blindly to receive huge discounts, but recently, practical consumption, purchasing only necessary items, is increasing. The number of consumers who make shopping lists focusing on daily necessities and home appliances is increasing.
Large e-commerce companies such as Alibaba and JD.com have shown off their growth by disclosing Single's Day sales in the past, but have recently been reluctant to disclose sales. This is because the growth of Single’s Day has slowed as consumer sentiment has declined following the COVID-19 pandemic.
The Chinese government is pursuing various policies to stimulate consumption, but the effect of Single's Day is still unknown. Attention is being paid to how the consumption indicators will come out in November this year.
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