China’s biggest shopping festival, Singles’ Day (Nov. 11), which has had promotions running for more than a month, had slower growth than last year, as consumers seek bargains amid China’s sluggish economy.
Analysts said that it points to Chinese consumers’ weak confidence in future income and underlying weak momentum for China’s economic growth.
The total sales on Chinese e-commerce platforms reached approximately 1.7 trillion yuan (about $238.3 billion) during this year’s Singles’ Day shopping festival, which is a 14 percent increase year on year, according to data from Syntun, a Chinese consumer research firm.
This was slower than the 26.6 percent year-on-year growth on Singles’ Day 2024, despite the fact that this year’s promotional period is at least a week longer than last year’s….
China’s Singles’ Day Shopping Festival Slows Amid Sluggish Economy
