E-commerce giants and economists are expecting high sales data for the ongoing 2024 Double 11 online shopping spree in China, due to the implementation of a series of government subsidies to stimulate consumption.
"Double 11", which falls on Nov 11 every year, was launched by Chinese tech giant Alibaba in 2009. It has ballooned into an annual blockbuster period for retail, with days of discounts attracting customers to the country's online shopping platforms.
Data from e-commerce platforms such as Tmall, JD.com, and Douyin show that home appliances have been the top-selling category during the pre-sale period that started on Oct 14 this year, the earliest on record.
As the shopping spree reaches its climax on Monday, analysts and investors are watching for signs that consumption is rebounding in the world's second-largest economy after recent efforts by the government to boost activity.
Sluggish domestic consumption is among the top issues now facing policymakers in China, which has struggled to achieve a full post-pandemic recovery.
The Chinese government has in recent weeks announced a slew of the most aggressive measures in years aimed at bolstering growth, including key rate cuts and increasing the debt limit for local governments.
Analysts from the ING banking group said in a note last week that it expects to see "solid growth numbers" during the event, which it said "should comfortably outpace the overall consumption growth momentum".
The shopping spree this year is expected to generate over 1.2 trillion yuan (about 167 billion US dollars) in total sales volume, a growth of 15 percent compared to the previous year, said VO2 Asia Pacific, a consultancy specializing in the digital economy.
E-commerce giants expect high sales for Double 11 online shopping spree
E-commerce giants expect high sales for Double 11 online shopping spree
