China commemorates Single Day which falls on November 11. This celebration is one of the biggest online sales trends this year. The event will run for 24 hours.
Last year, around 1.9 billion products were delivered to buyers. There are about three million workers, along with 4,000 planes and ships who participated Singles Day celebration.
Single Day 2020: Spending day for revenge
Due to the covid-19 pandemic that has not subsided since March, as a result, many Chinese people cannot travel abroad. Finally, it is predicted that the latent demand due to this pandemic will break new records.
They will also switch to using their money for shopping. Experts call this condition “revenge spending”.
Quoting from BBC, a number of products that will be excellent this year include robot cleaners, vacuum cleaners and tool boxes. However, there are also luxury brands that will increase in demand.
“We anticipate the ongoing international restrictions will lead to significant changes in Chinese consumers buying luxury goods online,” said Michael Norris, of market research firm China Agency, an e-commerce consultancy based in Shanghai.
“Luxury brands are also increasing on the occasion. With an estimated double the number of luxury brands participating in Singles Day.”
Single Day in China is the same as 11.11
Initially, Alibaba made the term Single Days in China or 11.11. This day exists to celebrate those who are not attached to a partner, an antithesis of people who are romantically involved on Valentine’s Day.
Alibaba’s online shopping rival, JD.com, is holding similar events but Alibaba’s Singles Day is bigger in terms of item sales and revenue.
In 2019, sales within one minute of trading had reached $1 billion. The gross merchandise value was more than 210 billion yuan (£ 23 billion, US $ 31 billion), two times of Black Friday and Cyber Monday combined.
Read now: China: Consumer Price Inflation Repressed
Follow and join us on Youtube, Instagram, Facebook, and Twitter to be part of the trader community in Asia
