Editor's note: Liu Chunsheng is an associate professor at the Beijing-based Central University of Finance and Economics. The article reflects the author's opinions and not necessarily the views of CGTN.

Since early 2023, the Chinese government has taken a series of proactive measures to promote economic development, focusing on expanding domestic demand and stimulating economic entities. Data shows that these policy initiatives are producing significant results, with positive changes observed in multiple industries and various economic indicators, gradually highlighting the overall recovery trend of the Chinese economy.

The sustained recovery and growth of the consumer market have become a highlight of economic recovery. 

According to data from the National Bureau of Statistics, China's consumer goods market continued to recover in the first three quarters of 2023. The total retail sales of social consumer goods increased by 6.8 percent year on year. Notably, in August and September, market sales growth accelerated for two consecutive months, further consolidating the recovery trend in the consumer market. The upgrading of consumer preferences and the increasing demand for green products continue to be seen, with retail sales of cosmetics, gold and silver jewelry, and sports and entertainment products increasing by 6.8 percent, 12.2 percent, and 8.3 percent respectively in the first three quarters.

With the rapid recovery of the service sector, residents' confidence in consumption gradually improved, and potential was released through coordination between both supply and demand sides, leading to faster growth in services consumption. Residents have strong travel intentions, driving rapid growth in catering, accommodation, tourism, transportation, and other service consumption.

To stimulate new consumption vitality, various measures have been taken across different regions to create diverse new consumption scenarios. 

For example, Shanghai aims to create an atmosphere for global product launches, premium performances, exhibition debuts, and film premieres, while also creating buzz through popular topics on social media platforms. Efforts are being made to accelerate the opening of flagship stores in Shanghai of high-end domestic and foreign brands, by actively encouraging their participation in events such as the "May 5th Shopping Festival", "Global New Product Launch Season", "CIIE Debut Season", and "Shanghai Fashion Week", where they can showcase their latest products. Support is provided for internet platforms to build a "New Product Online Launch Platform".

In the first three quarters of 2023, the national online retail sales reached 10.8 trillion yuan, a year-on-year increase of 11.6 percent, according to the Ministry of Commerce. Among them, the online retail sales of physical goods reached 9 trillion yuan, an increase of 8.9 percent, accounting for 26.4 percent of the total retail sales of consumer goods in society. 

Against the backdrop of consumption recovery, market improvement, and sustained online shopping popularity, China welcomed its fifteenth Double 11 online shopping festival, with major internet platforms gearing up for success in this post-pandemic event.

On October 20, Tmall announced that its Double 11 promotion this year would begin pre-sales at 8 p.m. on October 24, while Pinduoduo's promotion had already started at midnight that day. Meanwhile, JD.com kicked off its Double 11 event at 8 p.m. on October 23.

Leveraging the nationwide shopping frenzy during Double 11, major e-commerce platforms have also captured emerging trends in China's consumer market. Apart from attracting consumers through "year-round lowest prices", major e-commerce platforms have stated that they do not intend for every brand to compete solely on price. In this era characterized by significant consumption segmentation and diverse demands, greater emphasis should be placed on providing better services to users.

In 2023, Tmall Supermarket launched a "half-day delivery" service, in collaboration with Cainiao, in 20 cities, resulting in a growth of 20-30 percent in daily user activity, orders, and sales volume, as reported by China Times. Starting in September, Cainiao and Alibaba's AliExpress also announced the launch of an international express delivery line called "Global 5-Days Delivery", which initially covers five countries: the United Kingdom, Spain, the Netherlands, Belgium, and South Korea.

In addition, green consumption has become a mainstream trend. With the increasing awareness of environmental protection, consumers are paying more attention to the eco-friendliness of products. It is expected that the sales of energy-saving and environmentally friendly products will be even more impressive during this year's Double 11. With the development of technology, emerging industries such as smart homes and virtual reality continue to expand in market size, providing consumers with a completely new shopping experience. Furthermore, online services consumption is also expected to become a market focus.

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