Friday , October 22 2021

The annual shopping spree in China breaks new records


SHANGHAI – Online buyers in China shattered last year's record, earning $ 30.8 billion on Sunday Sunday sales sales, as tradition celebrated its tenth year.

The fall of expenses for many years has eclipsed Cyber ​​Monday in the United States in connection with online purchases made on a single day.

This year's result was 27 percent higher than a year ago. It breaks away from gloomy forecasts about the second largest economy in the world, which is struggling with the customs war with the US, the fall in the stock market and the slowdown in overall growth.

Known as Singles Day, loud offers and rebates have been advertised as the iconic fanfire of the Chinese electronics giant Alibaba, who turned unofficial holidays for people without romantic partners into annual profits for digital retailers.

A huge screen during the Alibaba gala in Shanghai showed the growing number of sales in real time. Just before 4pm. On Sunday, sales reached 168.2 billion yuan (24.2 billion dollars) – surpassing the total purchases of last year's Singles Day, according to data published by the Alibaba Group on the Internet.

At the end of the 24-hour rage, Alibaba recorded sales to 213.5 billion yuan ($ 30.8 billion).

Alibaba Group CEO Daniel Zhang said the results reflect "the strength and growth of the Chinese consumer economy".

Singles Day began with a fake event celebrated by non-Chinese Chinese students in the nineties. In Chinese, it is called "Double 11" by numbers in the month and date. Improvised holidays were in 2009. Taken over by e-retailers and turned into a Chinese version of Cyber ​​Monday, because it is known Monday after Thanksgiving.

Sales in the amount of 6.6 billion dollars were made on Cyber ​​Monday in 2017, about 17 percent compared to last year, according to Adobe Analytics.

Ren Xiaotong, a 27-year-old accountant in Beijing, said she suspected that online stores had increased their prices in the run-up to Sing Day to be able to declare that items were discounted.

But finally her skepticism did not stop her from participating.

"Singles Day is different now – it has more tricks than before," said Ren. "At the end you save only a few dozen yuan, but I still bought a pair of shoes to celebrate the holiday."

Weibo platform similar to Twitter was closed on Sunday posts related to Singles, from users proudly proclaiming that this year they resisted the desire to shop for those who happily exchanged a number of mundane purchases.

Alibaba's founder, Jack Ma, who in less than a year passed from the chairman's office, took part in a ceremonial gala in Shanghai and appeared in a video message in which he wrapped live hair-kisses, a popular online purchase.

Single Day "is not a day of rebates, but rather a day of gratitude" – said in the music video Ma. "That's when sellers use the best products and the best prices to show their gratitude to our consumers."

In the past, Chinese e-commerce platforms have been under fire to trade in low quality products and counterfeits. Hong Tao, a professor of economics at Beijing Technology and Business University, said that Singles Day encourages buyers to prioritize low prices for high quality, which means they buy items they do not need.

"People are taking part in the festivities," Hong said in a telephone interview. "This consumption flow, limited to one day only, can be exhausting for both buyers and sellers."

This opportunity is also important for the environment.

While both Alibaba and competitor have committed to using biodegradable packaging to reduce waste, studies carried out this month by Greenpeace East Asia have shown that many plastics labeled as 'biodegradable' and used by Chinese online retailers may disintegrate only at high temperatures. devices with a limited number throughout the country.

Greenpeace estimated that by 2020, "biodegradable" packaging could produce around 721 garbage trucks per day in China.


Wang informed from Beijing.

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