China’s mega online shopping festivals losing lustre as Chinese tighten their belts

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China’s mega online shopping festivals losing lustre as Chinese tighten their belts
BeijingOnlineShopping
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Affected individuals are excessively preoccupied with their appearance, dwelling on their muscular build, which they either wish to be 'perfect' or deem inadequate. These unattainable expectations can be fueled by unrealistic manipulated photos on social platforms.

BEIJING : Beijing resident Liu Zuyi used to scrimp and save months before the Double 11 sales – China ’s largest online shopping festival – before splurging on discounted household items or gadgets.

Tech giants Alibaba and JD.com, which own the country’s two largest e-commerce platforms, have remained mum on the total value of goods sold during the shopping festival for the third year in a row, when they had previously released such data. Analysts told ST that shopping festivals in China are losing their shine given weak domestic demand and changing consumer preferences.

People have also become blase about these festivals, with discounts no longer uncommon, said OCBC Bank’s head of research for Greater China Tommy Xie, in Singapore. While the Double 11 and 618 festivals used to be one-day affairs, they have since become extended events. The recently concluded 618 sale, for instance, was held from May 20 to June 20.

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Beijing Online Shopping Festival Losing Lustre

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