HONG KONG — Businesses and consumers in China found the annual Singles’ Day shopping festival less attractive this year due to a sluggish economy, forcing e-commerce firms to look abroad for growth.
While Singles’ Day was previously a one-day event, shopping platforms in China now kickstart the festival weeks ahead to drum up sales volume.
But amid China’s lagging domestic economy, dragged down by a real estate crisis and deflationary pressures, consumers no longer go all out during the shopping extravaganza.
Wang said that the prices offered on e-commerce platforms during Singles’ Day are not necessarily cheaper than usual.
“I used to buy a lot two or three years ago and I even purchased a mobile phone (during Singles’ Day),” he said.
Persons:
Alibaba, ”, —, “, Wang Haihua, Wang, we’ve, Zhang Jiewei, ” Zhang, Shaun Rein, ” Rein, Gucci, Jacob Cooke, ” Cooke
Organizations:
HONG KONG —, China Market Research Group
Locations:
HONG KONG, China, Singapore, Hong Kong, Beijing, Xi’an, Shanghai, “