Every year, Double 11 was once a carnival for Chinese e-commerce platforms and merchants, and was regarded as a barometer of China's consumer market. However, this year's Double 11, against the backdrop of a global economic slowdown, this highly anticipated shopping festival seemed a bit bleak, and many small vendors even gave up participating in the event. This phenomenon reflects some deep changes in the Chinese economy and a change in consumer mentality.

A deserted corner of Guangzhou's e-commerce base

In an e-commerce live broadcast base building called "Dayuan" in northern Guangzhou, businessman Huang Yuepei (sound) sat at a tea table in his office, chatting in an atmosphere that made it hard to imagine that this was the peak shopping season for Double 11. He laughed and said that their store "had nothing to do" and even bought a karaoke machine for entertainment. The merchant who runs an online furniture sales business said that he did not participate in the Double 11 promotion this year because the profit margin was too slim. He admitted that consumers' desire to consume has obviously weakened, and everyone is more cautious in spending.

Huang Yuepei's neighbor Huang Yuanping (sound) also expressed similar feelings. He said that since the COVID-19 pandemic, consumers' consumption concepts have changed. Although some people still have spare money, most people prefer to save in case of future uncertainties. The two lamented that the golden age of e-commerce sales seems to have passed.

Struggles and Anxiety of Online Store Operators

In this building, each office represents an online store. Ms. Gu, who lives opposite Huang Yuepei, is a merchant engaged in women's clothing sales. Her products are mainly sold through platforms such as Taobao and Pinduoduo. In an interview, she admitted that this year's sales are not as good as in previous years. She said that although the order volume has increased, the price competition is extremely fierce, the profit margin has been further compressed, and consumers' shopping enthusiasm has obviously weakened.

Faced with the economic slowdown and fierce competition from e-commerce platforms, Ms. Gu feels anxious. She pointed out that many small online stores have chosen to withdraw from the Double Eleven event because they cannot afford the fierce price war and high return costs. However, she believes that Double Eleven is still important to her. Although the profit is limited, giving up participation will only make sales more difficult.

The symbolic meaning of Double Eleven: No Longer Just a Consumer Carnival

This year's Double Eleven, the meaning behind it has long surpassed the shopping festival itself. The slowdown in China's economy has made global investors and economists pay close attention to whether China's consumption capacity will resume growth again, which is also related to the confidence of the global market. Recently, the Chinese government has introduced a number of measures to stimulate the economy, but the effects have not yet been fully seen. The sales of Double Eleven may provide a window for economic recovery and observe the confidence and consumption potential of Chinese consumers.

In the past few years, China's consumer market has been strong, especially during the COVID-19 pandemic, when consumer confidence remained high. However, as the pandemic gradually ended and the large-scale lockdown in 2022 hit consumer confidence, the situation changed. Many consumers' savings were used for real estate investment, but the continued decline in the real estate market has exacerbated economic pressures, and the rising youth unemployment rate has also made many families choose to consume cautiously. These factors have made the recovery of confidence in the Chinese market more complicated.

The future of e-commerce in the economic winter: the confusion and prospects of small vendors

The booming e-commerce was once a bright spot in the Chinese economy, but under the current situation, many small vendors have to re-examine their way of survival. In the context of uncertainty in the global economic environment, price wars and fierce competition have made it difficult for merchants with meager profits. During a visit to Guangzhou, a reporter from Le Monde, a French newspaper, found that many small vendors are not optimistic about the future. They believe that if the Chinese economy cannot recover quickly, their business will face continued pressure.

Although the sales of Double Eleven may still set a new record, the water contained in it cannot be ignored. To some extent, this shopping festival is more like a test of the economy. Whether the government's stimulus policies can effectively enhance consumption power and whether consumer confidence can be truly restored still needs time to verify.

In short, this year's Double Eleven is not only a problem of sales data for the shopping festival, but also a microcosm of the survival status of small vendors in China. Against the backdrop of weakening consumer enthusiasm, more and more businesses are facing a choice: continue to struggle with meager profits or wait for economic recovery. This dilemma also reveals the resilience and helplessness of small and micro enterprises in the process of China's economic adjustment. In the future, how China boosts domestic demand and rebuilds consumer confidence may become the key to influencing the long-term development of the economy.