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Economy

A glimpse at Singles' Day: China's consumption is upgrading

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2018-11-13 10:21:04CGTN Editor : Gu Liping ECNS App Download

It's been 10 years since Alibaba's online e-commerce portal Taobao.com made November 11, also known as Singles' Day, the "Double 11" shopping bonanza. Now, it has truly turned into a Chinese-style Black Friday.

Actually, in 2017, the average disposable income in urban regions had doubled compared with 2009, reaching more than 36,000 yuan annually, and the Singles' Day shopping sales records reflected this.

High-end logistics can satisfy this high demand, noted Hong Hao, chief China strategist of international investment bank BOCOM International Holdings in Hong Kong, citing the global commerce bases are more integrated than ever before.

Piles of express packages in a logistics center. /CGTN Photo

"Now, the logistics network is making shopping much easier. I would say the event will continue, and it will involve more and more overseas customers. China is a very important maker for consumer goods, so I would [expect] to see Chinese-made consumer goods increasing in terms of importance in this global event," he said.

Consumers have also spent more online over the past 10 years thanks to the increasing salaries. Many tend to buy high-quality items, such as mother and baby products, clothes and cosmetics.

Hong noted China's consumption is upgrading. "I think it [Double 11 Day] shows that the consumption capability of the Chinese consumer is increasing. I think this year, despite some of the headwinds that we faced in real economy, the consumption impacts of Chinese consumers seems to be downgraded. But with the benefit of a tax cut coming next year, I would say the ability of the Chinese people to consume [is] actually being upgraded," he added.

  

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