China's Singles Day kicks off under specter of tech scrutiny and Xi's 'common prosperity' push
But there are indications that consumers are still willing to spend on this year's shopping festival. In a 3,000 person survey carried out by Bain & Company and published last week, slightly more than half of respondents said they were planning to spend more than last year, while only 8% said they were planning to decrease their spending.
Alibaba said its total gross merchandise value over the Singles Day event, which spanned 11-days, totalled 498.2 billion yuan or $74.1 billion. That beat last year's 268.4 billion yuan figure.Last year, Singles Day across all platforms raked in gross merchandise value of 840 billion yuan . GMV is a figure that shows the total value of orders across an e-commerce company's platforms.
Jonathan Cheng, a partner at Bain, said he expects high levels of participation and sales growth. However, incumbents Alibaba and JD face rising competition from rivals such as Pinduoduo as well as the Chinese version of TikTok called Douyin, which is pushing further into e-commerce. "There is a lot stronger competition from all types of platforms. It started out as an Alibaba festival, and it has now evolved into a general shopping festival," Cheng said in an interview.
More than 50% of consumers in Bain's survey said that they were planning to shop on three or more platforms during Double 11 this year.
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