In China, November 11 is called "Singles' Day" and every year there are large-scale sales by online retailers. Amid widespread uncertainty about the economic outlook, Chinese consumers are increasingly thrifty, and sales are closely watched to predict the future of the economy.
November 11 is called "Singles' Day" because the number "11" is lined up in China, which means single, and online retailers hold large-scale discount sales every year to coincide with this day.
Recently, sales have started ahead of schedule from late October, and according to a Chinese research firm, the transaction value of the three major mail-order companies during last year's sale period amounted to more than 1.10 trillion yen in Japan yen.
In China, "live commerce," in which products are sold live on the Internet, has rapidly spread among consumers in the past few years, and companies are stepping up their efforts in sales.
In addition, companies that handle video posting apps and social networking sites are also entering the mail-order business to increase sales, and competition for customer acquisition is intensifying.
However, in China, the prolonged slump in the real estate market has spread uncertainty about the economic outlook and the severe employment situation has led to a growing desire among consumers to save money, and sales trends are attracting attention in predicting the future of the economy.