Singles-Day.jpg (Photo : www.china.org.cn)
"Singles' Day" this year is expected to generate record levels of online buying, according to the latest market prediction by Nielsen.
The global consumer research consultancy company reports that more than 80 percent of 1,000 people polled said that they had "serious shopping plans" for Tuesday, Nov. 11.
Of those surveyed, a mere 1 percent said that they will not be buying anything this year.
Also, just 17 percent of those polled said that they are first-time participants in China's unique online retail phenomenon.
Nielsen China's vice president, Liu Xiaobin, said that as many as 83 percent of the respondents planned "to hold back on any wild spending" until Nov. 11, when fantastic bargains are actually made available by e-commerce giant Alibaba Group.
He added: "Thanks to a high penetration of the Internet and the continuous development of China's online retail market, we are going to see more and more Chinese consumers viewing these kinds of online shopping festivals as occasions to have fun, a chance to treat themselves, and an opportunity to take advantage of the promotions being offered."
Alibaba's two major online retail outlets, Tmall and Taobao, are once more expected to remain the most popular shopping sites this year.
According to Nielsen, about 70 percent of those surveyed are on average expecting to spend 1,440 yuan ($235) shopping on these sites.
Also, about 57 percent of those polled said that they planned to spend more than they did last year. On last year's "Singles' Day," Alibaba's sales were recorded at 35 billion yuan. This year, sales have been forecast to reach 50 billion yuan.
Other online shopping sites like JD.com, Amazon.com and Suning Commerce Group Co Ltd. are already catching up rapidly on Alibaba's two retail outlets.
The average growth rate for planned purchases on these alternative Internet shopping sites showed a 79-percent year-on-year increase ,according to Nielsen's survey.
As noted by Liu, "as China sees more online retailers venturing into the e-commerce field, they will need to develop a deeper understanding of today's online shoppers, in terms of how they decide on their 'store-of-choice'－that will be the key for online retailers to stand out from the competition and win customers."
