November 15, 2023
BEIJING – The total amount of express deliveries was 2.03 billion pieces over the first four days of this month, a year-on-year increase of 16.1 percent, a record high for the just-passed “Double 11” shopping spree. The total amount spent is not known yet. But it will certainly be a rise on last year.
This was the 15th “Double 11” shopping gala, which has evolved from a one-day sales promotion into a shopping carnival spanning two months. It has released the consumption potential of residents and reflected the resilience and vitality of China’s consumer market. The total transaction volume during the “Double 11” period exceeded 1 trillion yuan ($137.2 billion) in 2022.
It is the enthusiasm of both buyers and sellers in the market that calls for a longer and more leisurely “Double 11” shopping season. The original “Double 11” meant to attract offline consumers to participate in online consumption through concentrated discounts and promotions. Today, the “Double 11” has become an important way to stimulate domestic demand and release consumption.
The longer “Double 11” is not only a common demand of consumers and businesses, but also a demand of macroeconomic development. Correspondingly, the daily transaction volume of the “Double 11” is no longer so much in the spotlight.
According to the latest data from the Ministry of Commerce, in the first three quarters, the total retail sales of consumer goods in China reached 34.2 trillion yuan, a year-on-year increase of 6.8 percent. In the third quarter, consumption expenditure contributed 94.8 percent to economic growth. Of this, online retail was a key driver of consumption growth.
In the first three quarters, the national online retail sales reached 10.8 trillion yuan, a year-on-year increase of 11.6 percent, accounting for 26.4 percent of the total retail sales of consumer goods, playing a positive role in expanding domestic demand.
China has introduced a series of policies to support market entities and enhance the willingness and ability of residents to consume, and the “Double 11” shopping season is proving their effectiveness.