Hong Kong: Chinese consumers are expected to spend tens of billions on everything from fresh food to luxury goods during this year's Singles' Day online shopping festival, as the country recovers from the pandemic. The shopping festival, which is the world's largest and falls on November 11 every year, is an annual extravaganza where China's e-commerce companies, including Alibaba, JD.com and Pinduoduo, offer generous discounts on their platforms. Last year, shoppers spent USD 38.4 billion on Alibaba's e-commerce platforms Tmall and Taobao
This year's festival will be closely watched as a barometer of consumption in China, which is just beginning to bounce back from the coronavirus pandemic after months of lockdown earlier in the year.
Analysts expect Chinese consumers to spend more on imported products and foreign luxury brands, since many Chinese tourists were unable to travel internationally due to the coronavirus pandemic and tightened travel restrictions.
A survey by consulting firm Oliver Wyman found that 86% of Chinese consumers are willing to spend the same as or more than during last year's Singles' Day festival.
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