China’s Singles’ Day, the nation’s largest online shopping festival, recorded a 17.6% increase in sales this year, reaching an estimated 1.7 trillion yuan ($238 billion). However, the growth rate slowed compared to previous years, reflecting cautious consumer spending amid economic headwinds. The prolonged property market slump, stagnant wages, and high youth unemployment have led shoppers to prioritize affordability over extravagance.
China’s Singles’ Day online shopping bonanza’s sales slow as shoppers opt for more affordable deals
