久久亚洲国产成人影院-久久亚洲国产的中文-久久亚洲国产高清-久久亚洲国产精品-亚洲图片偷拍自拍-亚洲图色视频

Global EditionASIA 中文雙語Fran?ais
Business
Home / Business / Companies

Singles Day lifts sales for local brands

By FAN FEIFEI | China Daily | Updated: 2023-11-10 10:44
Share
Share - WeChat
Workers are busy packing products before this year's Singles Day shopping spree at an e-commerce seller's warehouse in Huaian, Jiangsu province, on Nov 1. ZHANG ZHAOJIU/FOR CHINA DAILY

Survey: Consumers focus on domestic products as quality, value increase

Pan Lin, a 23-year-old postgraduate in Beijing and a fan of Chinese brands, scrolled through online marketplaces during this year's Singles Day shopping promotion. The first domestic brand she bought was from Florasis, which produces cosmetics in Hangzhou, Zhejiang province.

"Compared with some well-known Western brands, I feel that Florasis' products are more cost-effective and more suitable for Asian people's skin," Pan said, adding that the package design is exquisite, using traditional Chinese cultural elements.

"In the past two years, I bought an increasing number of domestic products that cover a wide range of categories, such as apparel, shoes, makeup, skincare, foods and beverages."

During the presale of the promotional campaign, domestic products occupied about 70 percent of her shopping cart. Pan replaced international cosmetics brands with homegrown products, including an eyeshadow palette, loose powder and lipstick when watching livestreaming sessions on e-commerce platforms.

Like Pan, hundreds of millions of young Chinese shoppers are inclined to purchase high-quality domestic brands, especially those that feature fashionable and creative designs mixed with elements from traditional Chinese culture.

In its 15th year, the Singles Day, or 11-11, shopping extravaganza, initiated by Alibaba Group Holding Ltd on Nov 11, 2009, remains the world's biggest online shopping event. This year's festival has seen major e-commerce platforms provide steep discounts and low-priced products to boost sales, with domestic brands becoming more popular among Chinese consumers.

Data from Tmall, Alibaba's business-to-customer e-marketplace, showed that in the first hour of this year's 11-11 presale, which kicked off at 8 pm on Oct 24, sales of more than 20 domestic brands exceeded that of the entire day last year.

Homegrown beauty and makeup commodities, household products and foods have witnessed explosive growth. For example, the turnover of Chinese skincare brand Proya surpassed 1 billion yuan ($137.3 million) in the first two hours of the presale, while sales of Timage, a domestic cosmetics brand, surged more than 315 percent year-on-year, Tmall said.

According to Tmall, the transaction volume of more than 70,000 domestic brands doubled on Oct 31 when the official promotional sales began and 85 Chinese brands saw sales surpass 100 million yuan in just a brief period.

JD began its presale promotion at 8 pm on Oct 23 and saw sales of domestic smartphone brands, such as Xiaomi, Honor, Huawei, Oppo and Vivo, via the e-commerce giant's online marketplaces exceed 100 million yuan within just one second.

In the first 10 minutes of the promotional event, sales of Shanghai-based haircare brand Bee & Flower and Tianjin-based children's skincare products maker Yumeijing skyrocketed by 20-fold and 10-fold year-on-year, respectively, JD said.

According to a survey released by global consulting firm AlixPartners, Chinese brands continue to gain momentum, as 66 percent of interviewed consumers said they plan to increase spending on domestic brands.

The survey, with a sample size of over 2,000 consumers across different age groups and regions in China, found that consumers are increasingly looking for local alternatives with "more bang for the buck" as Chinese product quality and safety improve.

This is particularly true for young shoppers purchasing clothing brands and accessories, as 61 percent of the respondents aged between 18 and 25 plan to increase spending on Chinese-branded clothing, fashion items and accessories during this year's promotional gala, the highest among all product categories and age groups.

A saleswoman promotes beauty products through livestreaming platforms from a studio in Haian, Jiangsu province, on Nov 2. GU HUAXIA/FOR CHINA DAILY

Domestic brands are gaining popularity among Chinese consumers, especially the post-90s and post-00s generations, who have a growing sense of national pride and confidence in Chinese culture, along with the rapid development of the Chinese economy, said Wang Yun, a researcher at the Academy of Macroeconomic Research, affiliated with the National Development and Reform Commission.

"They are not only looking for domestic cosmetics and clothing brands, but also every category covering time-honored brands and brand-new trendy brands," Wang noted.

She said the Singles Day shopping festival has played a vital role in further stimulating consumer purchasing appetites, shoring up the confidence of shoppers and bolstering consumption recovery.

She added that consumption, as the main driving force boosting economic growth, is expected to reach a growth rate of about 7 to 8 percent this year.

Jason Yu, general manager of Kantar Worldpanel China, a market research provider, said, "Domestic brands have ramped up efforts to increase investment in research and development and improve the quality of products and brand value, which is different from past strategies that only emphasized cost-effectiveness and relied on data traffic."

Domestic brands are continuously strengthening their technological innovation capacities and expanding their presence in the high-end market, Yu said, adding brand owners should pool more resources into R&D to enhance product competitiveness and upgrade supply chain systems amid a broader push to cater to consumer demand and improve shopping experiences.

Chinese consumers are becoming more rational and carefully reviewing their needs, with a focus on quality and value. "They aspire to buy cost-effective commodities, rather than just obtaining low-priced goods at the cost of quality," Yu said.

In addition, the survey from Alix-Partners stated that as consumer sentiment picks up, nearly half of the respondents said they are likely to spend more this year compared to last year, and 62 percent said they will spend at least 3,000 yuan this year, up 11 percentage points from 2022.

Britton Russell, who leads the consumer and retail practice at Alix-Partners Greater China, said, "2023 marks the first post-pandemic Singles Day, where consumption returns to normal levels. We are seeing stronger sentiment and spending, evidenced by the 18 percent increase in total spending compared to 2022 — more than three times last year's growth."

"While value-based shopping is nothing new, consumers are more prudent and knowledgeable about potential purchases than ever before as they seek maximum value with every purchase," he said, adding that rational consumption drives the search for quality rather than flashy promotion.

Russell also said that shoppers are carefully researching options across channels and platforms to find true product differentiators, such as quality and sustainability, beyond reduced price tags.

This year's 11-11 promotion has added significance as it is the first since China optimized its COVID-19 response measures, and consumption has become the bedrock for the country's stable economic growth, experts said.

China's consumer market recovered in the first three quarters of this year. Retail sales, a significant indicator of consumption strength, grew 5.5 percent year-on-year in September compared with 4.6 percent in August, data from the National Bureau of Statistics showed.

In the first nine months, the country's retail sales increased 6.8 percent year-on-year, according to the NBS. Consumption contributed 83.2 percent to China's economic growth during the January-September period.

The country has recently rolled out a raft of measures to spur the consumption of products and services such as automobiles, electronics, housing and home decor amid its broader push to boost momentum and stabilize the economy.

Chinese shoppers are likely to be more value-conscious, with value for money a priority, according to a report from consultancy Bain & Company.

The report also found that Chinese shoppers are willing to devote their attention to more novel platforms that blur the boundaries between entertainment and retail, particularly in livestreaming e-commerce provided by short video platforms such as Douyin and Kuaishou.

James Yang, a partner in the retail practice of Bain & Company, said Chinese retailers need to adjust to a more value-conscious strategy while doing an even better job of entertaining shoppers.

"That's no easy feat. For one thing, it doesn't mean just serving up more of the discounts that have long been a hallmark of Singles Day. Successful playbooks are likely to rely on a broader range of tactics that deliver better everyday value to shoppers," Yang said.

At the same time, leading Chinese retailers are gearing up to fully exploit content-led retail innovations such as livestreaming e-commerce, a China-led trend that global retailers are watching closely, he said, adding retailers can still win by adapting and combining shopping and entertainment through livestreaming and other innovations.

"Both Taobao and JD are facing intensified competition from video-sharing and livestreaming platforms, including Douyin and Kuaishou, which are betting big on e-commerce in livestreaming format," said Mo Daiqing, a senior analyst at the Internet Economy Institute, a domestic consultancy.

Traditional e-marketplaces should make strategic adjustments to reduce their dependence on top livestreaming anchors and nurture new ones, she added.

Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
CLOSE
 
主站蜘蛛池模板: 久久精品男人的天堂 | 国产在线播放不卡 | 免费精品一区二区三区在线观看 | 国产精品亚欧美一区二区三区 | 欧美精品高清在线观看 | 玖玖在线免费视频 | 成人做爰全过程免费看网站 | 日本在线毛片视频免费看 | 亚洲精品资源网在线观看 | 国产精品日本不卡一区二区 | 在线免费一区二区 | 国产做a爰片久久毛片 | 欧美日韩一区二区三区在线播放 | 国产亚洲精品久久久久久 | 日本三级11k影院在线 | 成人久久18免费游戏网站 | 扒开两腿猛进入爽爽视频 | 国产成人免费观看 | 午夜爽| 欧美日韩一区二区三区视频 | 午夜专区 | 亚洲综合图片人成综合网 | 国产成人精品免费视频 | 三级视频中文字幕 | m男亚洲一区中文字幕 | 2021国内自拍 | 欧美一区二区三区精品 | 亚洲精品久久九九热 | 亚洲国产天堂久久综合图区 | 成人午夜天| 欧美一级二级三级 | 亚洲欧美日韩国产精品影院 | 免费特黄级夫费生活片 | 精品欧美高清一区二区免费 | 日韩特级片 | 亚洲成av人影片在线观看 | 在线一区二区三区 | 美女被强行扒开双腿激情视频 | 久久精品国产99精品最新 | 欧美一级毛片无遮挡 | 午夜在线视频一区二区三区 |