Record 'Singles Day' online sales expected
- By Shi Jing
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E-mail China Daily, November 8, 2014
Liu Xiaobin, vice-president of Nielsen China, said as many as 83 percent of the respondents planned to hold back on any wild spending until Nov 11, to make the most of what are expected to be bargains galore, during a day that has taken on something of a carnival atmosphere in China.
Clothing and accessories, cosmetics and personal care, household products, home electrical appliances, and food and beverages are listed as the five most popular target categories.
"Thanks to a high penetration of the Internet and the continuous development of China's online retail market, we are going to see more and more Chinese consumers viewing these kinds of online shopping festivals as occasions to have fun, a chance to treat themselves, and an opportunity to take advantage of the promotions being offered," said Liu.
Other shopping sites are already catching up rapidly on Alibaba's two online giants.
The average growth rate for planned purchases on other major shopping sites, including JD.com, Amazon.com, and Suning Commerce Group Co Ltd, showed a 79 percent year-on-year increase, the survey said.
"As China sees more online retailers venturing into the e-commerce field, they will need to develop a deeper understanding of today's online shoppers, in terms of how they decide on their 'store-of-choice'－that will be the key for online retailers to stand out from the competition and win customers," said Liu.
According to iResearch, the market research company focused on China's Internet industry, the country's online shopping market was worth 1.85 trillion yuan at the end of last year, up from less than 250 billion yuan at the end of 2009.
During the same period, the country's total retail spending increased around 1.8 times.
On Nov 11 last year, Alibaba recorded daily sales of 35 billion yuan, which are expected to reach 50 billion yuan this year.
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