With COVID-19 casting a shadow over the world throughout 2020, the retail world will cast its collective gaze to China this Singles’ Day (or Double 11), looking for signs of economic recovery from this online shopping extravaganza.
As countries around the world still wrestle with the direct and indirect effects of the pandemic, and with second or even third waves threatening further lockdowns, Singles’ Day could provide a much-needed boost for local Chinese brands and their foreign counterparts who are feeling the effects from their domestic markets still being in recovery mode.
With record consumer numbers expected to engage with the event, Singles’ Day 2020 is nonetheless likely to act as an important barometer for ravaged economies across the world, desperate for signs of and opportunities for recovery in times of continued uncertainty.
-Michael McCool, Managing Director, AlixPartners
With China being the first to face the pandemic in late 2019 and subsequently the first to emerge from lockdown, its bricks and mortar retail activity now risen close to pre-COVID levels. Consequently, AlixPartners’ third annual Singles’ Day survey results provide an important indicator to retailers in China and around the globe who are either on the road to recovery, enduring a second wave, or still in the midst of the pandemic, as to what the year ahead may hold for them. Download our report for our in-depth analysis.
The opinions expressed are those of the author(s) and do not necessarily reflect the views of AlixPartners, LLP, its affiliates, or any of its or their respective other professionals or clients. This article regarding Eastern Promise: Will Singles’ Day 2020 prove to be a beacon of hope for global retailers and brands? (“Article”) was prepared by AlixPartners, LLP (“AlixPartners”) for general information and distribution on a strictly confidential and non-reliance basis. No one in possession of this Article may rely on any portion of this Article. This Article may be based, in whole or in part, on projections or forecasts of future events. A forecast, by its nature, is speculative and includes estimates and assumptions which may prove to be wrong. Actual results may, and frequently do, differ from those projected or forecast. The information in this Article reflects conditions and our views as of this date, all of which are subject to change. We undertake no obligation to update or provide any revisions to the Article. This article is the property of AlixPartners, and neither the article nor any of its contents may be copied, used, or distributed to any third party without the prior written consent of AlixPartners.