As the holiday season fast approaches, the amount of money that Chinese consumers are willing to spend is likely to increase in 2013. On an average, consumers in China will spend about 1,800 yuan per person during the Double Eleven Shopping Festival.
The online shopping spree on November 11, 2013 is known as ‘Singles Day’ in China and marks the celebration of single people. It has become the most popular yearly commercial event in the country and managed to create an e-commerce miracle. The Singles Day marked 24 hours of massive online shopping when Alibaba Group – which is an operator of Taobao and Tmall – launched its first campaign on November 11, 2009.
Since the launch, Singles Day sales at Tmall increased from 50 million yuan in 2009 to 19.1 billion in 2012 and are expected to reach 30 billion in 2013. A survey mentioned that almost 40 percent of participants are expected to spend more than 1,000 yuan on the day.
In 2012, Tmall recorded transactions which were worth 19.01 billion yuan on the day. Vincent Yan, the CEO of AdMaster said that the festival is not just about a day or several days of online sales promotion and explained that brands must effectively tie in marketing and sales by using insights from big data which they can incoporate into their business strategy.
Photo Credits: Xinhuanet