China's Singles' Day Faces Challenges Amid Economic Slowdown

China's Singles' Day shopping festival, once a major e-commerce event, is losing its appeal as the country's economy struggles with a real estate crisis and deflationary pressures. Consumers are spending less, skeptical of discounts, and cutting back on purchases due to economic uncertainty. E-commerce platforms like Alibaba and JD.com have stopped disclosing transaction values, reflecting the festival's diminished growth. Despite some success in categories like sportswear, overall consumer confidence remains low, with experts predicting continued slow growth for the event.