China's shopping seasons offer opportunity for British businesses, analyst says

LONDON, Nov. 11 (Xinhua) -- Peak-sales events in China such as the November "Double 11" and the midyear "618" shopping festivals offer a significant opportunity for British businesses seeking to expand business in the huge market, a Britain-based analyst has said.

"China's domestic market with its considerable consumer spending power and appetite for luxury products makes a compelling proposition for these brands, despite the brewing geopolitical crises," said consumer analyst Raviteja Neralla at the data analytics and consulting company GlobalData in a written interview with Xinhua.

Britain has been experiencing a cost-of-living crisis as inflation moved to its 40-year high in September and the Bank of England in November predicted a bleak future for the British economy, the analyst said.

"These factors have hampered consumers' disposable income and discretionary expenditure, which in turn threatens UK brands' domestic revenues. As a result, more multinational companies and startups in the UK are turning to overseas markets to recoup their losses," Neralla added.

"Double 11" has been China's annual e-commerce bonanza. It usually kicks off in late October and embraces a climax on Nov. 11. E-commerce giant JD.com said that on its first day of presale activity for the 2022 edition of this shopping carnival, the value of orders for products on its global brands platform had surged 178 percent year on year.

Another market player Tmall has attracted the first-time participation of more than 1,600 overseas brands in its 2022 online shopping campaign for the "Double 11" bonanza. Over 1,000 products will make their global debuts in the Chinese market.

"Owing to the high penetration of internet-enabled devices and highspeed broadband internet connectivity, Chinese consumers have become extremely habituated to the convenience of online shopping," Neralla told Xinhua.

E-commerce shopping holidays such as the "Double 11" have played a key role in sustaining online sales during off-peak sales periods in the country, Neralla added.

The analyst said the COVID-19 pandemic has popularized online shopping among a wider base of Chinese consumers, cutting across age groups and geographic locales.

According to a GlobalData consumer survey published in August, 47 percent of Chinese consumers stated that they will continue to spend more time online in general in the next three months, and 25 percent stated that they will do this more frequently.