Bloomberg: China $131 Billion Singles’ Day Faces Stagnation
November 10, 2022
Livestream shopping -- where people buy products through social media platforms and interact directly with broadcast hosts -- had become a part of regular life for millions of consumers. But its growth has collided with a government push to shape Chinese culture and rein in celebrity influence.
“In recent years, livestreaming seems to have created a quick way for brands to get famous and sales boomed,” said Dave Xie, a Shanghai-based principal of consultancy Oliver Wyman. “Amid the recent falls of the superstar livestreamers, brands are now actively speeding up the development of their own livestreaming studios” in order to cut ties with the top influencers, while retailers are also shifting to smaller platforms, he said.
Read the full article on: Bloomberg.com (paywall)