China: Shift in Narrative Focus as Singles Day Matures
Link to report:
The annual “Double 11” shopping festival on November 11, otherwise known as “Singles Day,” has become the largest e-commerce sales event for consumers in China. Double 11 maintained phenomenal growth for the first 11 years, but the past two years have shown dramatically lower relative sales growth rates. Likely reasons include China’s sweeping COVID-19 control measures, macroeconomic uncertainty, and the maturation of the event. In 2022, e-commerce platforms highlighted achievements in terms of environmental protection, social value creation, and advances in improving the customer shopping experience as part of after-sales reporting. New consumer trends include preference for products that are higher quality and have long-term value, as well as rising interest in environmental protection and green consumption.
