China's Singles Day shopping festival is more than halfway over. Here's how consumers are spending

Published On Nov 4, 2024, 2:32 AM

China's Singles Day shopping festival is showing signs of modest growth in consumer spending this year. Early data indicates that while the frenzy of past years is absent, consumers are focusing on more expensive and necessary products rather than just seeking lower prices. The festival has seen a rise in sales for home appliances and consumer electronics, partly due to government subsidies encouraging the trade-in of old appliances. Despite the improvement in specific categories, the overall sentiment is calmer, with expectations of a 4-5% increase in gross merchandise value (GMV) this year compared to last year.