From public extravaganza to intimate comfort and self-satisfaction... China's "Double-11" in 2022
𝘍𝘳𝘰𝘮 𝘱𝘶𝘣𝘭𝘪𝘤 𝘦𝘹𝘵𝘳𝘢𝘷𝘢𝘨𝘢𝘯𝘻𝘢 𝘢𝘯𝘥 𝘢𝘱𝘱𝘦𝘢𝘳𝘢𝘯𝘤𝘦 𝘸𝘪𝘵𝘩 𝘨𝘳𝘢𝘯𝘥 𝘴𝘢𝘭𝘦𝘴 𝘯𝘶𝘮𝘣𝘦𝘳 𝘤𝘳𝘶𝘯𝘤𝘩𝘪𝘯𝘨 𝘨𝘢𝘭𝘢𝘴
𝘵𝘰 ‘𝘪𝘯𝘵𝘪𝘮𝘢𝘵𝘦’ 𝘭𝘪𝘷𝘦 𝘴𝘵𝘳𝘦𝘢𝘮𝘪𝘯𝘨 𝘦-𝘤𝘰𝘮𝘮𝘦𝘳𝘤𝘦 𝘴𝘦𝘴𝘴𝘪𝘰𝘯𝘴 𝘸𝘪𝘵𝘩 𝘧𝘰𝘤𝘶𝘴 𝘰𝘯 𝘤𝘰𝘮𝘧𝘰𝘳𝘵, 𝘦𝘹𝘱𝘦𝘳𝘪𝘦𝘯𝘤𝘦 𝘢𝘯𝘥 𝘴𝘦𝘭𝘧-𝘴𝘢𝘵𝘪𝘴𝘧𝘢𝘤𝘵𝘪𝘰𝘯…
𝘢 𝘵𝘶𝘳𝘯𝘪𝘯𝘨 𝘱𝘰𝘪𝘯𝘵 𝘪𝘯 𝘸𝘰𝘳𝘭𝘥’𝘴 𝘭𝘢𝘳𝘨𝘦𝘴𝘵 𝘦-𝘤𝘰𝘮𝘮𝘦𝘳𝘤𝘦 𝘴𝘢𝘭𝘦𝘴 𝘧𝘦𝘴𝘵𝘪𝘷𝘢𝘭…
While the more than 20% annual growth numbers since the first 𝗱𝗼𝘂𝗯𝗹𝗲-𝟭𝟭 𝗼𝗻𝗹𝗶𝗻𝗲 𝘀𝗮𝗹𝗲𝘀 𝗳𝗲𝘀𝘁𝗶𝘃𝗮𝗹 in 2009 are over, according to research center Syntun, the total cumulative sales of e-commerce and live stream platforms were more than 1100 billion yuan (about USD 155 billion) this year up 17% from 2021.
China's Singles' Day (光棍节) or "Double 11" (双十一) is world's largest e-commerce shopping festival in early November every year with the grand finale on November 11, China's singles day. The e-commerce festival was held first time in 2009 by Alibaba with only 27 merchants. Today, the event includes 100,000's of brands and 100's of millions of consumers (inside and outside of China) buying products.
Remarkably, most of this year's growth has been accounted to a 145% sales growth by #livestreaming sales sessions while the ‘traditional’ #ecommerce platforms made an overall ‘modest’ 3% growth with #TMall (Alibaba) ranking first, followed by #JD and #Pinduoduo (source Syntun). Exact sales numbers were not revealed in contrast with previous years.
The product category winners this year were comfort products such as kitchen and house appliances and toys; experience products as camping/outdoor gears and clothing; and ‘self-satisfaction’ products as jewelry, health foods and supplements, alcoholic beverages and pet foods. Categories at the tougher end during this year’s double 11 were among others the beauty, telecom (smartphones), luxury brands and automotive sectors.
This shift in product categories, along with the slowing down and direction of the economy and the strong growth of live streaming in comparison with traditional e-commerce explain a change in consumer behaviours moving toward needs of more self-satisfaction, experience and comfort; slightly shifting from competitive-edged consumer behaviours in appearance and status.
𝘈 𝘯𝘦𝘸 𝘦𝘱𝘪𝘴𝘰𝘥𝘦 𝘸𝘪𝘵𝘩 𝘯𝘦𝘸 𝘰𝘱𝘱𝘰𝘳𝘵𝘶𝘯𝘪𝘵𝘪𝘦𝘴, 𝘤𝘩𝘢𝘯𝘨𝘦 𝘪𝘴 𝘵𝘩𝘦 𝘰𝘯𝘭𝘺 𝘤𝘰𝘯𝘴𝘵𝘢𝘯𝘵 𝘪𝘯 𝘊𝘩𝘪𝘯𝘢 𝘢𝘯𝘥 𝘵𝘩𝘦 𝘊𝘩𝘪𝘯𝘦𝘴𝘦 𝘮𝘢𝘳𝘬𝘦𝘵…
Source video : Kuaishou 快手 2425870548
Header picture : Weibo