17/11/2015
Single’s Day 2015 : Modern China
Few things symbolise modern China more than Single’s Day.
The most obvious parallel is the remarkable scale of the day – 278 million products worth $9.3 billion sold in 24 hours last year, and it is on track to be even bigger this year.
It also represents how the Internet is addressing some of China’s big challenges such as limited retail infrastructure in the hinterland.
Yet Single’s Day’s most interesting representation of contemporary China is that a celebration based purely on consumerism has become one of the biggest days of the Chinese calendar; with the build-up, buzz and now the Chinese New Year-style-celebrity gala, rivalling all other Chinese celebrations for scale, with the exception of Chinese New Year.
Things are on track for an even bigger Single’s Day this year.
$100 million was spent a minute in the first half an hour, with 2012’s $3.1 billion total blitzed in 31 minutes. Within 90 minutes, $5 billion dollars had been spent, 72% on mobile. By 1:15am, consumers from 200 countries and regions had bought something.
Chinese couldn’t get enough international products, with Japan, USA, Korea, Australia and Germany the top-5 origins in the first hour.
Many of the 30,000 international brands from 25 countries who are participating in Single’s Day ’15 look to be selling well. Some foreign retailers sell two-three months worth of products in the single day.
It’s no surprise that foreign products are the focus of this year’s Single’s Day – 40% of all products sold online in China are foreign, versus just 10% of China’s overall retail sales.
With all the hype, Single’s Day – like any other day in China – is incredibly competitive, which is something that http://www.fashion.iqubator.com can help with.