As China’s economy wobbles, Singles’ Day shoppers say they may not spend so much
- Nearly 40 per cent of respondents say their budgets for this year’s online shopping festival are down 30 per cent, a new survey shows
- Chinese consumers say they want to save more because they are worried about the economy, including inflation and the job market
More than half of consumers have tightened their shopping budget for the coming Singles’ Day shopping frenzy, according to a new survey, dealing a potential blow to Beijing’s assurance that consumption should remain a key driver of China’s economic recovery.
According to a survey conducted by China Newsweek magazine, nearly 40 per cent of the more than 2,300 respondents said their budgets for the online shopping festival were down by 30 per cent on last year, while only 15 per cent said they plan to spend more.
Lydia Xi, a 28-year-old working in Jinan, the capital of Shandong province, said she will only buy necessities during the festival, as the coronavirus pandemic has made her adopt a more cautious attitude towards shopping.
“It’s hard to make money these days, especially with the ongoing inflation,” she said.
“I plan to only buy what is absolutely necessary this year and won’t stock up on skincare products any more.”
Her salary at the foreign trade company she works for is still about a fifth below what she earned before the pandemic, and she plans to save more to feel more secure.
