From CNBC: 2024-11-04 02:32:31

China’s Double 11 Shopping Festival shows early signs of growth with e-commerce giants Alibaba and JD.com. GMV numbers are expected to be slightly better than last year’s $139 billion total, with this year’s Singles Day GMV reaching $119.1 billion as of Oct. 30.

Government subsidies boost home appliance sales during Singles Day, with predictions of 4-5% growth in GMV. Presales of appliances surged by seven-fold, and transaction volumes grew by double digits for JD.com. Analysts expect the festival to reflect China’s recovery trajectory in Q3 and Q4.

A new trend in toys and collectibles emerges this Singles Day, with over 100,000 products based on popular animated series being launched. International brands are fighting for licenses to enter this booming market, as consumers look for products that bring happiness and emotional satisfaction.

China’s Singles Day shopping frenzy seems more subdued this year, with consumers seeking quality over quantity. Despite calmer sentiment, different categories are expected to drive sales. Promotions end on Nov. 11, with muted expectations from consultancy firms like Bain & Company for this year’s event. 1. The United Nations released a report warning of the urgent need for action to combat climate change. The report outlined the devastating consequences of inaction, including rising sea levels, extreme weather events, and food shortages.

2. A new study found that over 90% of plastic waste in the ocean comes from just 10 rivers, with the majority located in Asia. The findings highlight the need for global cooperation to address the issue of plastic pollution.

3. Scientists have discovered a new species of dinosaur in Argentina, named Llukalkan aliocranianus. The dinosaur had a unique skull structure and was a fearsome predator during the Late Cretaceous period.

4. The FDA has authorized the emergency use of the Pfizer-BioNTech COVID-19 vaccine for children aged 12 to 15. This decision paves the way for millions of adolescents to receive the vaccine and help control the spread of the virus.

5. SpaceX successfully launched its Crew Dragon spacecraft with four astronauts aboard to the International Space Station. This marks the third crewed mission for SpaceX and demonstrates the company’s continued success in space exploration.

Read more: How China’s consumers are spending this Singles Day shopping festival