Other upscale brands like Max Mara, Valentino, and Maison Margiela saw a 20-fold increase in sales compared to the year before, according to JD.com data at the beginning of the festival. “Some brands may see up to a 10-fold increase in sales over last year.”Ĭhinese media reports said those willing to splash out did so, with early results showing strong sales of high-end brands such as Bulgari and Celine. “Luxury coming back online is a big trend, because that’s the category that’s been hit really hard over COVID-19,” said Cooke. ![]() Many luxury brands took part in the online festival, according to Jacob Cooke, CEO of e-commerce consultancy WPIC. Brilliance China Automotive Holdings Ltd (1114:HKG) company profile with history, revenue, mergers & acquisitions, peer analysis, institutional shareholders and more. The CEO of Alibaba’s e-commerce business unit, Trudy Dai, also has promised “huge, historic” investments to attract users to its platforms.ĭespite soft overall consumption, categories like cosmetics and luxury goods saw bigger gains in sales. In March, JD.com launched a “10 billion yuan subsidies” program to compete with rival Pinduoduo, which is known for its low-priced goods. ![]() “For months, Chinese consumers have been price-conscious, looking for deals and trading down across most product categories,” Rein said. Rein said that overall, consumers likely spent less during 618 as online retailers already were discounting heavily because of the pandemic, so the deals on offer were not much of an improvement. “Chinese consumer confidence remains weak due to a mix of geopolitics, continued weakness from COVID-19 and domestic Chinese politics,” said Shaun Rein, founder and managing director of the China Market Research Group in Shanghai. 11 each year rakes in billions of dollars.Īnalysts said most consumers have become more price-conscious and reluctant to spend given the sluggish economy. A bigger shopping festival, Single’s Day, held on Nov. HONG KONG (AP) - Chinese shoppers were treated to deep discounts, new products and payment plans as online merchants sought to revive their sluggish appetite for spending during China’s first major online shopping festival after the end of zero-COVID policies.įor the first time, e-commerce retailer JD.com did not release the results of its 618 shopping festival, which ended Sunday, making it hard to know just how much was spent.
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