CNN Business: Singles Day Sales Blitz Set For Record Haul
Nov 11, 2020
Jacques Penhirin, Retail and Consumer Goods Partner in our Greater China office, spoke to CNN on Chinese consumers’ shopping frenzy during Singles Day.
Chinese shoppers “continue to spend like crazy,” said Penhirin, who led the survey.
Oliver Wyman found that while foreign brands continue to dominate popular Singles Day categories such as cosmetics and infant formula, a growing number of Chinese shoppers will buy local brands of products like electronics and smartphones this year.
“It's not patriotism ... it's just the technology, design and quality are better, therefore there is just more confidence” in Chinese brands, Penhirin said.