HONG KONG (AP) — Shoppers in China have been tightening their purse strings, raising questions over how faltering consumer confidence may affect Saturday's annual Singles’ Day online retail extravaganza.
Singles Day, also known as “Double 11,” was popularized by e-commerce giant Alibaba.
Shoppers spent $38 billion in 24 hours on Alibaba’s e-commerce platforms during Singles’ Day in 2019.
“The hype and excitement around Singles’ Day is sort of over," said Shaun Rein, founder and managing director of Shanghai-based China Market Research Group.
“I just feel that people don’t spend as much as before, possibly because they don’t have much to spend,” she said.
Persons:
”, Shi Gengchen, Shi, Shaun Rein, Rein, keener, Hu Min, Alibaba’s Tmall, ” Jacob Cooke, ” Cooke, Yu Bing
Organizations:
— Shoppers, Bain & Company, Shoppers, China Market Research, Consumers, WPIC
Locations:
HONG KONG, China, Chaoyang, COVID, Shanghai, Shijiazhuang, China's Hebei, China's, Beijing