Started in October, these Singles’ Day sales, launched in 2009 by the Chinese e-commerce giant Alibaba, have become a major commercial event, with discounts attracting customers to the country’s main online sales platforms.
The name of this sales period takes its name from the date (11/11), a succession of “1” symbols of celibacy.
In 2023, for the second year in a row, neither Alibaba nor its main rival in China, JD.com, had released detailed sales figures.
China has faced weak domestic demand since the Covid-19 pandemic, from which the world’s second largest economy is struggling to fully recover.
Consumer prices rose in the country at a slower pace in October year-on-year than in the previous month, according to official data released on Saturday. A new sign of still sluggish demand.
The authorities have launched a series of measures in recent weeks to support economic growth, the strongest in several years, including reductions in key rates and an increase in the debt limit for local authorities.
But many analysts emphasize that in the absence of more concrete measures to stimulate household consumption, growth will have difficulty reaching its pre-pandemic levels.
Analysts from ING bank, however, expect “solid growth figures” for this 2024 edition of Singles’ Day, they indicated in a note.
These sales “should generate more than 1,200 billion yuan” (156 billion euros) in sales, which would represent “growth of 15%” compared to last year, predicts VO2 Asia Pacific, a consulting firm based in Shanghai, specializing in the digital economy.
However, these figures give a partial view of reality.
“Many consumers buy in bulk to reach discount thresholds, before then returning the products. This reduces margins and harms brand perception,” said Vincent Marion, co-founder of VO2 Asia Pacific.
“Rather than focusing solely on discounts, brands must build lasting relationships with their customers,” he judges.
