The 2023 Double 11 shopping festival has kicked off on most Chinese e-commerce platforms (on October 24th). Although general public and many analysts were skeptical about the transaction volume before Double 11 this year, initial data released by Alibaba was encouraging. During the first hour of pre-sales, there were over 1,300 brands with a year-on-year transaction volume growth of over 200%, and nearly 700 brands with a year-on-year transaction volume growth of over 500%.
This year, JD.com and Taobao try to offer lowest possible price to boost sales growth. We also observe significant upward trend in Double 11 activities this year among our merchant partners of ChineseAN affiliate network. We feel optimistic that consumers are still willing to spend money whenever merchants come up with attractive offers, and we predict a stronger shopping season this year.