China’s economy has seen a strong recovery, and Chinese consumers’ purchase behaviors have already returned to pre-pandemic levels, if not higher, business magazine Forbes said in its article, “What To Expect On Singles’ Day 2020” on Nov 2.
The Forbes’ article said brands and retailers are eager to recover from the impact of COVID-19 and will double down on their investment on Double 11 to boost sales.
This year, “Singles’ Day” shopping event was expected to feature 250,000 brands participating to attract 800 million customers, said TRBusiness, a monthly magazine for the duty free and travel retail industry.
China’s economic recovery is speeding up as consumption returns, Reuters said at a report on Oct 19.
Due to Chinese consumers shaking off coronavirus caution, the country’s economic recovery accelerated in the third quarter of this year, Reuters said.
The country’s GDP increased 4.9 percent year-on-year in the third quarter of this year and retail sales grew 3.3 percent in September from a year earlier, speeding up from a modest 0.5 percent rise in August and posting the fastest growth since December 2019. Moreover, industrial output grew 6.9 percent after a 5.6 percent rise in August, showing the factory sector’s recovery also was sustaining momentum.
China’s September economic data beat expectations, suggesting a pickup in momentum towards the latter part of Q3. The pickup in momentum was broad-based, which bodes well for the Q4 outlook, said Reuters, citing Frances Cheung, head of macro strategy for Asia at Westpac in Singapore.
China’s economy is actually beginning to climb the hill to present V-shared recovery, which is mostly coming from accelerating industrial production and robust export growth. Moreover, sustained growth in infrastructure investment and housing construction also has played a role, the magazine Foreign Policy said on Oct 29.
China’s service sector rebounding means a broadening recovery, the BBC said. Domestic tourists and travelers have probably helped the recovery continue by spending their money at home.
During this year’s eight-day National Day holiday, millions of Chinese people traveled and spent, generating revenue of 466.6 billion yuan, the BBC said, citing official data.