Unveiling the Trends: China's Queen's Day Shopping Festival

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19/03/2024

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By admin*

Introduction

China’s Queen’s Day Shopping Festival, the 38 Festival, recently captivated significant e-commerce platforms. Since mid-February, platforms like Taobao, Tmall, Jingdong, Kuaishou, and Douyin have launched investment promotion activities, heralding the start of fierce competition. With millions of consumers actively engaged, the festival has become a significant battleground for these industry giants.

China Queen's Day Shopping Festival

Platform Strategies

Taobao Tmall introduced a novel concept, “38 Refresh Week”, focusing on spring novelties to entice shoppers. Instead of the traditional “Queen’s Day” and “Goddess’s Day” themes, this approach resonated well with users. Meanwhile, Jingdong took a different route, emphasizing low-price advantages. The platform sought to solidify its position as a leader in affordable offerings through a 10 billion subsidy plan and the “buy your double compensation” service. Kuaishou’s strategy centered around “shelf e-commerce” and direct price reductions, while Pinduoduo opted to reduce marketing efforts and concentrate on official subsidies of up to 20%.

New Trends and Market Dynamics

This year’s festival showcased a notable departure from traditional marketing tactics. Instead of burning money unthinkingly for marketing and volume, platforms focused on providing direct benefits to consumers. As a result, Taobao Tmall’s official reduction and Jingdong’s substantial subsidies resonated positively with users. This shift towards direct preferential treatment is expected to herald a new era of low-price competition in the e-commerce industry.

Empowering Women

The festival also highlighted the significant influence of female consumers, known as the ‘she economy.‘ According to Accenture, China boasts nearly 400 million female consumers aged 20 to 60, controlling a staggering 10 trillion yuan of consumer spending annually. This spending power rivals the combined retail markets of Germany, France, and the United Kingdom, making women a formidable force in the consumer landscape. Furthermore, women’s consumption trends are evolving, with a growing preference for neutral consumption and expansion into traditionally male-dominated markets such as automobiles, digital products, and games.

Shopping day festival

Trending Products and Consumer Behavior

Flowers, men’s makeup, and domestically produced cosmetics emerged as popular choices among consumers during the festival. Data from Douyin revealed that female consumers’ orders for flowers increased by over 200% year-on-year, while orders for green plants surged by 128%. Moreover, men’s makeup sets and concealer witnessed a significant order increase, with sales soaring more than 27 times compared to the previous year. The beauty economy remains a driving force behind the festival, with domestic cosmetics accounting for 60% of sales.

Future Perspectives

As the excitement surrounding Queen’s Day wanes, platforms must adopt user-centric strategies to maintain relevance. Differentiated competition and a shift towards direct low prices are expected to dominate the e-commerce landscape, catering to evolving consumer demands and preferences. With the ‘she economy’ gaining momentum, brands and businesses must pay close attention to women’s voices and preferences, ensuring that their offerings align with the changing dynamics of the consumer market.

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