This year's "Double 11" shopping festival, China's biggest annual shopping event, has seen growing enthusiasm for trade-in programs and experience-driven products, trends that have driven youth consumption and reached even the more rural areas of the country.
In the first years after its creation in 2009, Double 11 was a frenzied spree of online consumption on Nov 11 each year. Over time, the festival has extended, evolving from a one-day shopping extravaganza into a month-long event.
Thanks to China's ongoing trade-in program for home appliances, the market for these products remains strong in November.
"During this year's Double 11, over 90 percent of county and rural areas nationwide have seen consumers participating in trade-in programs. We offer a one-stop service where consumers can get new electronic devices in exchange for their old ones," said Luo Huyi, a director for digital products at JD.com, a major Chinese e-commerce platform.
For many young consumers, Double 11 has evolved beyond a simple shopping spree into an experience-driven event, providing them with an ideal opportunity to book appealing cultural and tourism services online in advance.
From historical site tours to skiing and camping, online orders for cultural travel have seen a great rise during this shopping event. Between Oct 14 and Nov 10, online transactions for tourism products grew more than eightfold compared to the same period last year. Notably, outbound travel bookings increased more than 11 times year on year, data from China’s leading online travel agency Ctrip showed.
During the shopping festival, toys that help with emotional well-being, like cute stuffed animals and creative building-block toys, have also become more popular among young consumers.
China's "Double 11" shopping festival sees trends in trade-ins, experience-driven consumption
China's "Double 11" shopping festival sees trends in trade-ins, experience-driven consumption
In the fist months of 2025, China's real estate market has shown the signs of booming, with multiple cities across the country experiencing a notable uptick in transactions and land auction fervor.
In Beijing, data showed that from January to February, over 24,000 second-hand residential units were registered, marking a nearly 30 percent year-on-year increase.
"From the current influx of new clientele and the proactive attitude of homeowners listing their properties, we expect March to potentially outpace February in transaction volume," said Hu Deping, a real estate agent in Chaoyang District, Beijing.
The enthusiasm in the housing market has also resonated in the land auction sector. Recent statistics showed that the total land acquisition by the top 100 real estate companies in the first two months of this year surged by 26.7 percent year on year, with an average premium rate of 13.4 percent.
This trend is evident in Shanghai, where the volume of second-hand property transactions in February, including commercial and residential units, doubled compared to last year, soaring by 123 percent to over 16,700 units, particularly gaining momentum in the final two weeks of the month. The first round of residential land auctions in Shanghai this year saw all four parcels sold, totaling over 15.9 billion yuan.
"In this year's land auctions, we are gradually witnessing new benchmarks for floor prices in various regions. The developers' land acquisition activities subtly indicate their growing confidence in the market's future," said analyst Lu Wenxi from Shanghai Zhongyuan Real Estate.
Experts anticipate that in the coming months, as the sales momentum continues to stabilize and the successful release of premium land plots boosts market dynamics, developers' eagerness and confidence in acquiring land will persist.
"The 2025 market is expected to experience a structural recovery following a period of stabilization, with favorable policies injecting new growth momentum into the market," said Tang Daizhong, an associate professor at Tongji University's School of Economics and Management.
China's real estate market sees first trading boom in 2025
