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What Nobody Said About China Singles' Day 2021: Xi's Boom |  Globalism

What Nobody Said About China Singles’ Day 2021: Xi’s Boom | Globalism

no surprises Singles’ Day in China where “double 11’, set a new record for this year’s edition, converting $139.1 billion. But what caught the attention of the 2021 edition weren’t the numbers for the world’s largest e-commerce festival, but the retailers’ alignment with Chinese government policy.

AHG Strategies Director of Strategy, José Renato Peneluppi Júnior, believes that the ‘exact date’ of online purchases is consistent with the concept of ‘common prosperityhighlighted by the Chinese president, Xi Jinping. Roughly speaking, the term refers to a comprehensive government program aimed at promoting social and economic equality.

At the same time, “common prosperity” enhances the legitimacy Chinese Communist Party (Chinese Communist Party), which yesterday recognized Xi as “the man who leads the Party on a new journey” towards the goals set for 2049 – to achieve the rejuvenation of Chinese civilization as a “modern socialist society”.

At the end of the Sixth Plenary Session of the Central Committee, a historical doctrine on the party’s history was approved, only the third during the party’s centenary and the first in 40 years, making way for Xi’s continuity in power after the end of the second five. 2022

“A new government position regarding stimulating consumption and the search for shared prosperity shows that the idea is not a ‘consumption to consume’ pattern, but rather the pursuit of conscious consumption and expenditure planning,” explains Penelope.

President Xi Jinping speaks at a ceremony in Beijing, China – Photo: Yan Yan / Xinhua via AP

“It is interesting how the government began to take advantage of history to stimulate economic dynamics, encouraging areas, production lines and the method of consumption itself,” notes the consulting director, adding that this strategy contributes to the transition from economic modelChina is no longer just a producer of consumer goods and has become a more service-oriented economy.

“It also has long-term goals to reduce carbon emissions, but not only in production, which also includes a new way of consuming and starts educating people,” he says. For Peneluppi, despite his ability to cause some “weirdness” to the foreign consumer, the discussion is more complex than “mere consumption”.

“What is real value? It does not guarantee a standard of living, but rather existence and luxury,” says Penelope.

The Brazilian has lived in China for more than a decade and remembers that in the early versions the festival was heavily advertised through online marketing weeks before the event began, with brands and retailers offering deep discounts to lure consumers in search of bargains. “There is a false sense of discounting, but the Chinese consumer has already learned to protect themselves from it, puts it in the cart and only pays when they are sure of the discount,” he explains.

Peneluppi recalls that between 2009 and 2014 payments were made during Singles’ Day via a bank voucher. “Today, the form of consumption in China is more advanced, especially with regard to the Internet. Now you can access digital payment,” he recalls. For him, this logistical process has matured. “The consumer has also become more experienced and the method of getting a discount is already part of their daily life,” he says.

In the 2020 edition, Singles Day handled $115 billion in total recorded transactions on the country’s two largest e-commerce platforms, Alibaba (Tmall) and JD.

The company said that Alibaba, owned by billionaire Jack Ma, recorded record sales of 540.3 billion yuan (84.5 billion US dollars) this year during the festival, which began on the first and ended yesterday. The amount equates to a growth of 14% over last year, which is the smallest increase since the event was created in 2009. The total value of each commodity (GMV) recorded single-digit growth, of 8.45%, also for the first time in the event’s history.

And Jordanian dinars recorded 349.1 billion yuan (54.6 billion U.S. dollars) in transactions this year, in the same period, an increase of 28% over 2020.

However, the numbers represent a slowdown in the pace of purchases, with Alibaba posting a 93% jump in sales in the previous edition of Singles’ Day and a competitor posting a 32% jump in the same showdown.