China’s Singles’ Day shopping festival loses luster as consumers turn cautious amid economic woes

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China’s Singles’ Day shopping festival loses luster as consumers turn cautious amid economic woes - Business Mirror

Quick Summary:

HONG KONG—Merchants and consumers alike found the Singles’ Day shopping festival Monday less shiny than in years past as e-commerce firms look abroad for growth.

Wang said that the prices offered on e-commerce platforms during Singles’ Day are not necessarily cheaper than usual.“They’re all tricks and we’ve seen through it over the years,” she said.

But amid China’s lagging domestic economy, dragged down by a real estate crisis and deflationary pressures, consumers no longer go all out on purchases during the shopping extravaganza.“I only spent a few hundred yuan on daily necessities,” said Wang Haihua, who owns a fitness center in Beijing.