Single’s Day is a big shopping event in China. The event that takes place every year on November 11 is said to bring in one of the biggest sales in the world, but the trade war is expected to dampen sales for U.S. products.
In a survey, Chinese consumers had said that they preferred to buy Chinese products over U.S. products. Most of them will be boycotting U.S. brands on this big event, Singles Day. This day is celebrated by singles, which is considered a big shopping holiday, especially among the youth in China.
A report on the survey conducted was released by AlixPartners LLC consulting firm last week. The report stated that more than half of those surveyed, alleged a preference to their home products, as the trade war is biting into their economy.
Loyalty to their nation is bringing in this sentiment, feel analysts. Any disruption to their culture and sovereignty is making the people of China very sensitive, especially the trade war between the U.S. and China which has prolonged for more than a year.
Most companies look forward to boosting their sales in China as it has the biggest market with high sales volume. The Singles’ Day is considered as a big e-commerce event which sees record sales.
It’s almost 10 years since The Single’s Day was launched by Alibaba Group, the e-commerce giant. It is said to bring in more sales than Cyber Monday and Black Friday combined. In 2018 alone, total sales amounted to around $30 billion in 24 hours across the various platforms of Alibaba, Tmall, AliExpress, and Taobao.
Amazon’s online sales on Cyber Monday were $7.9 billion. On Black Friday, sales were at $6.22 billion in online sales, according to a report from Adobe Analytics research firm.
If there is a boycott of American products, brands like Ralph Lauren, Tapestry Inc., and Nike will be most affected, say analysts.