CGTN published this video item, entitled “11.11 shopping spree: Tidings of recovery?” – below is their description.
For more: https://www.cgtn.com/video China’s biggest annual shopping spree “Double 11,” also known as the Singles’ Day Festival, has started. Since 2009, the bonanza has lured large crowds to buy bigger and faster year after year. This year, the epidemic did little to keep Chinese shoppers from turning out in droves. According to internet giant Alibaba’s site T-mall, shoppers broke records, placing more than half a million orders every second at the peak. Businesses pulled out all the stops to rake in sales. Besides traditional discounts, they put on celebrity-filled concerts, virtual games and perhaps most effectively, live streamers to ship out products. To put the numbers in context, American consumers last year spent roughly $16 billion during Black Friday and Cyber Monday. And how much did Chinese consumers spend during this year’s Double 11? 498 billion yuan or $74 billion – a staggering 85 percent increase from last year. What does it all mean?
CGTN YouTube Channel
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