Singles' Day shopping festival loses its shine under China's lagging economy
The Singles’ Day shopping festival looks less attractive this year amid a sluggish economy, forcing e-commerce firms to look abroad for growth
HONG KONG (AP) — 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 — like JD.com and Pinduoduo — and abroad.
It has long been regarded as a barometer of consumer sentiment.
While Singles’ Day was previously a one-day event, shopping platforms in China now kickstart the festival weeks ahead to drum up sales volume. Even some brick-and-mortar stores join the festival by launching sales campaigns and hanging promotional banners and posters in the hopes of luring shoppers.
