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
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
