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#SECOO #SinglesDay insight: Young consumers are backing the online #luxury market

#SECOO #SinglesDay insight: Young consumers are backing the online #luxury market

November 11, dubbed Singles’ Day in China, has been a day of shopping sprees for Chinese consumers since 2009. China’s booming middle class has always shown its strong consuming power on this day, and they did it again this time around. This year’s Singles’ Day sales from China’s largest e-commerce company, Alibaba Group , amounted to USD 25.3 billion, a 40% surge from last year. The figure nearly doubled that of the combined US Black Friday and Cyber Monday sales in 2016. SECOO, China’s largest luxury products and services platform, also reported its best-performing Singles’ Day sales thanks to strong demand from the Chinese middle class and, especially, young people. During this year’s Singles’ Day shopping festival, SECOO launched several promotions, including special discounts for new members, unlimited online auctions, and global shopping and high-end lifestyle experi...

Full article: https://alltechasia.com/secoo-singles-day-insight-young-c...

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