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China’s annual Singles Day Shopping Festival obtained an overall Gross Merchandise Volume (GMV) of cosmetics totalling CNY78.6bn (USD11bn) across e-commerce platforms, with local brands making a strong showing on the best-selling charts, according to new data.
Vitamins, probiotics, lactoferrin for infants and toddlers, and over 30 nutrition products saw their transaction value at least doubled in China’s Double 11 shopping festival this year, says JD Health, amid muted consumer spending in the country for the most part of this year.
This year’s Singles' particularly prescient—and surprising. Despite talk of careful, rational consumption, the event’s staggering figures tell a different story.
Shoppers in China have been tightening their purse strings, raising questions over how faltering consumer confidence may affect Saturday's annual Singles' Day online retail extravaganza. China Singles Day 2023: Worried Chinese Shoppers Scrimp, Dimming the Appeal of a Singles’ Day Online Shopping Extravaganza.
Black Friday? No. Cyber Monday? Nope. Prime Day? Absolutely not. The world's biggest shopping event happens in China each year - and it's called Singles Day.