Single’s Day in China, on 11 November, has become a major discounting e-commerce event, passing even America’s Cyber Monday in size. Retail analyst Shaun Rein explains why the Single’s Day makes Chinese youth happy at CNBC.
“Singles Day has become a hugely important day for retailers. The discounting today has been the talk of consumers, from millennials to 40-year-olds. Aside from Chinese New Year, this is becoming one of the key days for retails to launch promotions,” Shaun Rein, Shanghai-based managing director of China Market Research Group, told CNBC.
“Above and beyond singles, everyone knows that it is a day of great deals. Chinese youth are getting more frustrated because of rising real estate costs so they are shifting to purchases that make themselves happy,” he added.
Chinese are more excited about e-commerce as they can buy products that are not sold in brick and mortar stores near their homes, said Rein. The profile of an average online shopper is a young, middle-class consumer living in a tier-two or tier-three city, who often lack a wide variety of retail choices.
On Bloomberg Shaun Rein spelled also out what China needs more to keep its economy going:
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