Consumers to hunt for Singles Day bargains
Consumers are looking for bargains at more platforms for this year's Singles Day shopping spree, as 69 percent of the 3,000 consumers surveyed by market consultancy Bain &Company said they plan to shop at three or more platforms, according to the research firm's report released on Tuesday.
Last year, only 56 percent of the interviewees said they would choose more than three platforms. Strikingly, 37 percent of the respondents this year said they plan to use five or more platforms.
Livestreamed shopping events and other online retail festivals may have intensified competition among different platforms, said company experts.
Even with the changes in consumer behavior, Singles Day continues to be a priority for China retailers, said Kelly Liu, head of the Greater China retail practice at Bain &Company, adding that this year's total gross merchandise value across different platforms may reach the 1-trillion-yuan ($137 billion) milestone on Nov 11, the day the shopping carnival is celebrated every year.
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