Customers should save – “Cyber ​​Week” did not bring the hoped-for momentum

Date:

The shopping events of Cyber ​​Week in the US and Singles Day in China have slowed online commerce. In fact, inflation and lockdowns have made customers of Amazon, Alibaba and other online retailers reluctant to buy. American buyers spent a total of $ 35.27 billion (34 billion euros) in Cyber ​​Week, ie in the period from Thanksgiving to Cyber ​​​​Monday, and therefore only four percent more than in the previous year.

According to Deborah Weinswig, founder and president of Coresight Research, an inflation rate of more than seven percent is already a “Christmas miracle”.

Poor sales on “Singles Day”
In China, the eleven-day shopping event “Singles Day” grew even meager at 2.9 percent to $130.5 billion. According to data from the consulting firm Bain and Adobe Analytics, growth rates in China have averaged 34 percent in recent years and 17 percent in the US. Jane Hali, chief executive officer of retail analyst Jane Hali & Associates, said she generally expects a modest increase in sales due to inflation during the US holiday shopping season. Cyberweek accounts for about 10 percent of total sales in the fourth quarter of the year, she estimates.

In China, where the government’s zero-Covid policy has led to lockdowns and travel restrictions, shoppers have snapped up vitamins, supplements and pet health products, according to consultancy Syntum. Originally, Singles Day was an unofficial Chinese holiday on November 11 to celebrate people who are not in a relationship. However, e-commerce giant Alibaba took the opportunity in 2009 to court online shoppers with discounts and promotions. Today, companies use Singles Day to clear inventories and experiment with new products.

Source: Krone

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

Popular

More like this
Related

Financial police punished – Tyrol and Vorarlberg: 126 reports in ski areas

During a key inspection by the financial police in...

18 months in prison – abuse by own son: “Never a good person”

An 18-year-old is said to have insulted, threatened and...

Free Good Friday – Renewed calls from the Protestant church for a holiday

As has been the case every year since its...

Murder by negligence? – Flixbus crash: investigations against hapless drivers

After the serious bus accident on Autobahn 9 near...