Singles Day, also known as “Double 11,” was popularized by e-commerce giant
Given prevailing jitters about jobs and a weak property market, it's unclear how this year's festival will fare.
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That includes people like Shi Gengchen, whose billiard hall business in Beijing’s trendy Chaoyang district has slowed.
“The current economic situation is lousy and it has affected my business, there are fewer customers than before,” said Shi, adding that his sales are just 40% of what they were before the pandemic.
“I don’t spend a lot,” he said. “Of course, everyone has a desire to spend, but you have to have the money to spend."
Chinese consumers were much more eager to splurge before COVID-19 hit in 2020. Shoppers spent
But Chinese have become much more cautious over splashing out on extras, analysts say.
“The hype and excitement around Singles’ Day is sort of over," said
Rein said shoppers will likely be keener to pick up deals on daily necessities like toothpaste, tissue paper and laundry detergent, rather than high-end cosmetics and luxury brands.
“I just feel that people don’t spend as much as before, possibly because they don’t have much to spend,” she said.
E-commerce platforms are emphasizing low prices for this year’s festival, hoping to attract value-conscious customers looking for good deals. For the 2023 campaign, Alibaba’s Tmall boasts “Lowest prices on the web," while e-commerce platform JD.com’s tagline for its Singles’ Day campaign is “Truly cheap.” Rival Pinduoduo’s is “Low prices, every day.”
“However, the data shows an enormous appetite among the middle- and upper-class consumers to spend on experiences and on products that enhance their health, lifestyles and self-expression,” Cooke said, pointing to categories such as vitamins, pet care and athletic apparel.
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AP researcher
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