On November 11, Alibaba will host its eleventh annual Singles Day, which is expected to set new sales records. A survey of Chinese consumers found that 39% intend to spend more this year during the shopping holiday, with only 15% intending to spend less. Most of the consumers planning to reduce their spending cited the pandemic and an uncertain economy as the reason. But Chinese consumers seem to be bouncing back from the coronavirus-related shutdowns, and this year, they are specifically looking to buy from Chinese brands over American and European ones.
The shift could have implications for American brands, including those in the luxury space, that have grown more reliant on Chinese spending.