US EditionThe Singles’ Day shopping festival loses its shine under China’s lagging economy
- The Singles’ Day shopping festival reported less consumer excitement due to China’s lagging economy as e-commerce firms explore international markets.
- Experts note that Beijing's stimulus measures have not effectively boosted consumer confidence amidst lower annual growth rates.
- Merchants express concern that high advertising costs outweigh benefits from participation in the festival due to disappointing sales.
41 Articles
41 Articles
Singles' Day shopping festival loses shine under China's economy
HONG KONG — Businesses and consumers in China found the annual Singles’ Day shopping festival less attractive this year amid a sluggish economy, forcing e-commerce firms to look abroad for growth. Online service provider and e-commerce platform Alibaba started the now-famous event on Nov. 11, 2009, offering attractive discounts to entice shoppers to spend more.
Los Angeles Times
Independent EspañolBoth traders and consumers noticed on Monday that the Singles Day shopping festival is less brilliant this occasion than in previous years, as e-commerce companies are looking for growth abroad.
How China’s lagging economy has affected its Singles’ Day shopping festival
Businesses and consumers in China found the annual Singles’ Day shopping festival less attractive this year amid a sluggish economy, forcing e-commerce firms to look abroad for growth. Online service provider and e-commerce platform Alibaba started the now-famous event on Nov. 11, 2009, offering attractive discounts to entice shoppers to spend more. The extravaganza, also known as “Double 11,” has since expanded to other platforms in China — lik…
It used to be November 11 only, which made that day crazy shopping.But the date stretched and now begins in October and ends at the end of January, cooling in a frenzy.The slowdown in the economy has also done its thing.
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