The Singles' Day shopping festival loses its shine under China's lagging economy
ZEN SOO
Mon, 11 November 2024 at 11:57 AM SGT4-min read
Pedestrians walk near an advertisement promoting a sales festival in Beijing, Thursday, Nov. 7, 2024. (AP Photo/Ng Han Guan)(ASSOCIATED PRESS)
HONG KONG (AP) — 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.
The annual event named by the numeric form of its Nov. 11 date was started by e-commerce platform Alibaba, which offered attractive discounts to entice shoppers to spend big. The extravaganza has since expanded to other platforms like JD.com and Pinduoduo in China as well as abroad.
While Singles’ Day was previously a one-day event, shopping platforms in China now kickstart the festival weeks ahead to drum up sales volume. The festival has also traditionally been regarded as a barometer of consumer sentiment.