2023-11-15 06:22:26
[New Tang Dynasty News, Beijing time, November 15, 2023]China’s economy continues to be sluggish and prices have plummeted. Recently, the price of hairy crabs, which are in peak season, has rarely halved, and the price of pork has dropped by more than 40%. The Double Eleven shopping festival has ended in a deserted manner, with online sales less than half of last year, highlighting the sharp drop in Chinese consumer confidence.
Hairy crab “price cut in half” trending search
Recently, the topic of hairy crabs being “halved in price” has become a hot topic. Hairy crabs that originally cost 30 to 40 yuan a piece are now as low as 7 yuan a piece. “Prices of hairy crabs in Chongqing, Wuhan, Guangzhou and other places have hit historical lows.”
On November 11, at the Sanya Bay Seafood Market in Chongqing, most of the stalls had hairy crabs priced at “10 yuan.” Liu Hongming, who is in the aquatic products business, said that taking female crabs as an example, the price of double-sized crabs has been reduced by almost half, with the lowest retail price being only 7 yuan per crab.
On the 12th, Ms. Ji, who lives in Huangnipang, Chongqing, said that when hairy crabs first came on the market, they cost thirty or forty yuan each, but now they are half that price. In the past two days, they have dropped by six or seven yuan compared to last week.
Pork prices fell by more than 40%
In addition to hairy crabs, pork prices also plummeted. According to the monitoring of 500 markets by the Ministry of Agriculture and Rural Affairs, as of the second week of November, the price of live pigs was 15.18 yuan/kg, a decrease of 0.73 yuan/kg from the same period last month, a decrease of 4.5%, and a year-on-year decrease of 42.1%. .
Liu Jianrong, the head of the sales department of a slaughterhouse in Changsha City, Hunan Province, said that the wholesale price of white strips (pig) is now 9.5 yuan per catty, and the price last quarter was regarding 10 yuan. The price of the entire woolly pig has dropped sharply, down from the same period last year. Thirty to forty percent.
Expert on the worst Double Eleven ending in history: Everyone is out of money
The just-concluded Double Eleven Shopping Festival can be called the worst Double Eleven in history, with online sales of 243.4 billion yuan, less than half of last year.
For this year’s China Double Eleven Shopping Festival, the e-commerce platform discount war has already begun in late October. “The lowest price on the entire network” and “Really cheap” have become the promotion themes of Tmall and JD respectively. However, the Double Eleven Shopping Festival is still deserted. The end.
Double Eleven is considered an important indicator of consumer confidence. Taiwanese economist Chia-long Wu told The Epoch Times, “The shopping spree during the Double Eleven shopping festival was not as strong as expected, which shows the lack of domestic demand in the Chinese economy.”
A report from Bain & Company, an American strategic consultant, pointed out that during Double Eleven, Chinese consumers bought more daily necessities such as paper towels, instant noodles, and pet food, while sales of non-necessities such as home appliances and large furniture dropped sharply.
Wang He, an expert on China issues, told The Epoch Times, “Everyone has no money in their pockets now. Not only is there no money in their pockets, but they also expect that there will be no money in the future.”
“If I don’t have money now and expect to have money in the future, then I still dare to spend now,” Wang He said. “But everyone generally thinks that life will be more difficult in the future, so they prepare for the winter. Even if they have money, they don’t spend it. Save it. This will lead to a consumption downturn in China as a whole.”
(Comprehensive reporting by reporter Luo Tingting/Editor in charge: Wen Hui)
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