Singles’ Day shopping festival loses its shine under China’s lagging economy

China’s Singles’ Day shopping festival experiences waning consumer enthusiasm amidst economic concerns, prompting e-commerce giants like Alibaba to seek growth in overseas markets. Consumers, wary of promotional tactics and facing financial constraints, are spending less, leading businesses to question the event’s profitability despite efforts to attract buyers with discounts and global shipping offers. China’s Singles’ Day shopping festival experiences waning consumer enthusiasm amidst economic concerns, prompting e-commerce giants like Alibaba to seek growth in overseas markets. Consumers, wary of promotional tactics and facing financial constraints, are spending less, leading businesses to question the event’s profitability despite efforts to attract buyers with discounts and global shipping offers.  Economic Times