This year's "Double 11" shopping festival, China's biggest annual shopping event, has seen growing enthusiasm for trade-in programs and experience-driven products, trends that have driven youth consumption and reached even the more rural areas of the country.
In the first years after its creation in 2009, Double 11 was a frenzied spree of online consumption on Nov 11 each year. Over time, the festival has extended, evolving from a one-day shopping extravaganza into a month-long event.
Thanks to China's ongoing trade-in program for home appliances, the market for these products remains strong in November.
"During this year's Double 11, over 90 percent of county and rural areas nationwide have seen consumers participating in trade-in programs. We offer a one-stop service where consumers can get new electronic devices in exchange for their old ones," said Luo Huyi, a director for digital products at JD.com, a major Chinese e-commerce platform.
For many young consumers, Double 11 has evolved beyond a simple shopping spree into an experience-driven event, providing them with an ideal opportunity to book appealing cultural and tourism services online in advance.
From historical site tours to skiing and camping, online orders for cultural travel have seen a great rise during this shopping event. Between Oct 14 and Nov 10, online transactions for tourism products grew more than eightfold compared to the same period last year. Notably, outbound travel bookings increased more than 11 times year on year, data from China’s leading online travel agency Ctrip showed.
During the shopping festival, toys that help with emotional well-being, like cute stuffed animals and creative building-block toys, have also become more popular among young consumers.
China's "Double 11" shopping festival sees trends in trade-ins, experience-driven consumption
China's "Double 11" shopping festival sees trends in trade-ins, experience-driven consumption
