{"id":13249,"date":"2023-12-02T12:30:14","date_gmt":"2023-12-02T12:30:14","guid":{"rendered":"https:\/\/focus.cbbc.org\/?p=13249"},"modified":"2023-12-12T08:51:30","modified_gmt":"2023-12-12T08:51:30","slug":"how-did-chinas-singles-day-perform-in-2023","status":"publish","type":"post","link":"https:\/\/focus.cbbc.org\/how-did-chinas-singles-day-perform-in-2023\/","title":{"rendered":"How did China’s Singles\u2019 Day perform this year?"},"content":{"rendered":"

Confused by recent reports and analysis of China\u2019s biggest omnichannel shopping festival Double 11\u2019s performance and significance in current marketing budgets? You are not alone.<\/p>\n

Once an unmissable fixture in the marketing diary of any consumer company serious about growing sales and customers in the world\u2019s biggest e-commerce market, Singles Day or Double 11 is now regarded with much circumspect by brands and consumers alike.<\/p>\n

Against a background of a slowing economy and softening of consumer demand, China\u2019s e-commerce and social commerce platforms are accelerating competition for the purchases of Chinese consumers. But consumers are displaying caution and value consideration with many calling online for more \u201crational\u201d spending. Plenty of them are eschewing purchases despite the heavy discounts – choosing instead to spend on activities and products leading to personal fulfillment.<\/p>\n

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In 2023, Singles\u2019 Day has been divided into two or three phases by major platforms such as Tmall and JD.com. The first phase of pre-sales started in late October and finished on 3<\/span> November, during which time consumers placed orders and paid a deposit to lock in their purchases. Statistics revealed that from 31<\/span>\u00a0October to 1<\/span> November, total sales reached RMB 196.3 billion (\u00a322 billion). Tmall took 59% of the sales and JD.com 32%, with other platforms (e.g., Douyin, Pinduoduo<\/a>, etc.) making 9% in total.<\/span>\u00a0<\/span><\/p>\n

The consumer sector is in the throes of fierce competition, with e-commerce platforms engaging in price wars using strategies like price matching and lowest price guarantees. <\/span>JD.com\u2019s<\/span> theme for Singles\u2019 Day 2023, \u201cReal Cheap\u201d, underscores the commitment to value for money, especially in the realm of domestic products. However, many consumers argued that there were no \u2018real cheap\u2019 products or meaningful discounts that benefitted them, and they were sometimes confused or exhausted by the complicated rules across various platforms. <\/span>\u00a0<\/span><\/p>\n