/ Black Friday defeated by Double 11,biggest consumer market go to

2021-11-29 18:13

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Black Friday defeated by Double 11,biggest consumer market go to

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As online sales of Black Friday, the biggest shopping spree in the US, declined for the first time in recent years due to a litany of challenges and risks, Chinese analysts said on Sunday that the US may lose its status as the world's largest consumer market to China, where the Double 11 online shopping festival two weeks ago continued to see new sales records.





The two shopping festivals are considered to epitomize the consumer market and consumption power in China and the US. The comparison in sales figures is an ominous signal for the US, as China may grab the crown of the biggest consumer market in the world from the US, said analysts.

Online sales in the US totaled about $8.9 billion this Black Friday, down slightly from $9 billion in 2020, according to Adobe Analytics, which tracked 80 of the top 100 US retailers.

Adobe expects e-commerce sales of Cyber Monday this year to be between $10.2 billion and $11.3 billion. Cyber Monday is the biggest online shopping day in the US, and e-commerce companies in recent years used Black Friday's afterglow to attract consumers.

The total online sales of the US shopping festival are expected to be about $20 billion based on Adobe's forecast. 

In comparison, the online transaction value of the 2021 Double 11 event stood at 965.12 billion yuan ($140 billion), up 12.22 percent year-on-year, according to e-commerce industry statistics.


Source:globaltimes

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