China's biggest shopping festival is set for a tepid 2023, survey finds
Publishing timestamp: 2023-11-06 20:52:15
Summary
The article discusses a survey conducted by Bain and Company, which found that most consumers in China are planning to limit their spending during this year's Singles Day shopping festival. The survey also revealed that consumers are turning to cheaper brands or private label products. The article highlights the expansion of Singles Day from a one-day shopping festival to a multi-week period of shopping promotions across different online platforms in China. It mentions that slowing economic growth and concerns about future income have impacted consumer spending. The article also mentions the rise of livestreaming as a popular method for selling products in China.
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Keywords: markets, stock markets, alibaba group holding ltd, business news, jd.com inc, market insider,