China's "Double 11" shopping festival for 2024 officially kicked off on Monday at 8pm, with major domestic e-commerce platforms such as Taobao and Tmall Group (TTG) under Alibaba and JD.com launching promotions.
This year's "Double 11" - November 11 - shopping festival started earlier than the previous ones. The starting date for TTG and JD.com was set about 10 days earlier than in 2022 and 2023. In addition, Douyin began its sales promotions on October 8, according to media reports.
These early starts will allow more time for a broader range of consumers to make their purchases, while allowing merchants to fully prepare for the sales and easing the burdens on logistics providers, Liu Dingding, a veteran industry observer, told the Global Times on Monday. Liu said the extended period will surely boost sales.
Domestic e-commerce platforms launched promotion events such as vouchers and discounts, while combining the sales with subsidies provided by the government, per statements sent to the Global Times on Monday.
For instance, TTG will offer 30 billion yuan ($4.2 billion) worth of vouchers and red packets in anticipation of the record-high volume of users participating in this year's "Double 11" festival.
Consumers can also purchase home appliances and computers with a discount of 20 percent on JD.com, as China's trade-in program offers subsidies covering a wide range of commodities.
For this year's new highlight, Liu said that the payment and logistics integration of domestic e-commerce platforms will offer more options for consumers, as Chinese e-commerce giants are cooperating to explore win-win possibilities.
JD Logistics will connect with Taobao for the "Double 11" shopping festival, said Alibaba vice president Wu Jia at a press conference on Saturday. In September, Taobao and Tmall announced plans to integrate Weixin Pay to enhance the shopping experience for consumers.
Both JD.com and TTG said that the platforms are incorporating artificial intelligence tools into this year's shopping festival, which will elevate the operating efficiency of vendors.
Observers remain optimistic about the sales of the "Double 11" online shopping festival, saying the shopping spree will inject more impetus into the country's consumption recovery amid ramped-up policy support.
Consumer spending has been unleashed by previously implemented measures, Li Chang'an, a professor at the Academy of China Open Economy Studies of the University of International Business and Economics, told the Global Times on Monday.
Li noted that consumption plays a vital role in boosting domestic demand and supporting overall economic development. He said that targeted support such as the subsidies offered by the country's trade-in program has been showing an effect, and this will continuously boost the consumption sector.
