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China Singles Day
Women walk out from a fashion boutique near a display promoting the China popular e-commerce sales, the "Singles' Day" global online shopping festival, at a shopping mall in Beijing, on Nov. 4, 2024. (AP Photo/Andy Wong)

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

By ZEN SOO
Published - Nov 11, 2024, 08:28 AM ET
Last Updated - Dec 16, 2024, 05:31 PM EST

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.

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