The Singles’ Day shopping festival is looking less shiny this year as e-commerce firms look abroad for growth.
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“I only spent a few hundred yuan on daily necessities,” said Wang Haihua, who owns a fitness center in Beijing. Rein said he expects low growth for the Singles’ Day shopping festival as consumers tighten their spending in anticipation of difficult economic times ahead. Syntun, a data provider, estimated that last year’s gross merchandising volume sales across major e-commerce platforms grew just 2% to 1.14 trillion yuan , a far cry from double-digit growth before COVID-19.
“The platforms have so many rules for promotions and customers have become more skeptical,” he said. “As a merchant, I no longer participate in the Singles’ Day promotions.”
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