Business analyst Shaun Rein tells AP that the 11/11 singles day shopping bonanza has lost its previously sensational attraction. Even the shopping highlight has not been immune to the lackluster mood among China’s consumers.
AP:
Some experts say that Beijing’s recent stimulus measures have had little impact to boost consumer confidence.
“People are not interested in spending and are cutting back on big-ticket items,” said Shaun Rein, founder and managing director of China Market Research Group in Shanghai. “Since October 2022, the weak economy means that everything has been on discount year-round, 11.11 is not going to bring in more discounts that the month before.”
Rein said he expects low growth for the Singles’ Day shopping festival as consumers tighten their spending in anticipation of difficult economic times ahead.
Categories such as sportswear and fitness, however, have been doing well as customers “trade down a Gucci bag for Lululemon sportswear,” he said.
Shaun Rein is a speaker at the China Speakers Bureau. Would you like him at your meeting or conference? Contact us or fill out our speakers’ request form.
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