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China’s shoppers are gloomy and picky
They want to spend on pets and sports, not make-up or perfume.
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Canned pet food for sale at a pet store in Beijing. Spending on pet foods during this year’s “Singles’ Day” festival increased by almost 30 per cent.
PHOTO: AFP
The Economist
Five years ago, Mr Jack Ma, the founder of e-commerce giant Alibaba, briefly tried his hand at selling lipstick. To promote China’s largest online shopping festival, called “Singles’ Day”, Mr Ma attempted to sell more lipstick in five minutes than Mr Li Jiaqi, a live-streaming salesman known as the “Lipstick King”. The king won.
Five years on, Mr Li’s crown has slipped a little. In September, he lost his cool with an online commenter who questioned the price of an eyebrow pencil he was showcasing. “How is it expensive? It has been this price for years,” Mr Li asked incredulously. “Maybe you should look at yourself. Has your pay risen? Have you been working hard in these years?”
