China’s Singles’ Day: A Growing Global Shopping Phenomenon
Alibaba's Singles' Day sales have slowed down, indicating a slowdown in consumer spending during this major shopping event.
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Singles' Day Surpasses Expectations Amid Economic Challenges
China's Singles' Day shopping festival exceeded low expectations, with consumers spending more than anticipated despite a generally weak retail environment. Major e-commerce platforms like Alibaba and JD.com reported significant growth in active buyers and sales, with some categories like outdoor goods and "blind box" toys seeing notable increases. The event benefited from recent government stimulus measures, and while consumer sentiment has improved, the overall market remains cautious. Analysts predict a potential rebound in consumer confidence in 2025 with further fiscal support.