Mon Nov 11 06:33:08 UTC 2024: ## Singles’ Day Sales Dwindle as Chinese Consumers Tighten Belts

**Beijing, November 11, 2024** – The once-booming Singles’ Day shopping festival, a global online shopping extravaganza held on November 11, has lost its shine this year, with both merchants and consumers reporting a lackluster performance.

While e-commerce platforms like Alibaba, JD.com, and Pinduoduo continue to promote the event, the festival’s traditional role as a barometer of consumer sentiment has been overshadowed by China’s slowing economy.

Consumers are increasingly hesitant to spend, citing inflated prices and a lack of genuine discounts. “They’re all tricks,” said Wang Haihua, a Beijing fitness center owner, referring to the promotions. “We’ve seen through it over the years.”

This sentiment is echoed by Zhang Jiewei, a barber shop owner in Xi’an, who has stopped participating in the festival due to declining income. Experts attribute this shift in consumer behavior to the ongoing real estate crisis, deflationary pressures, and Beijing’s recent stimulus measures proving ineffective in boosting consumer confidence.

Shaun Rein, founder of China Market Research Group, predicts low growth for the festival, with consumers tightening their spending in anticipation of a challenging economic future. While categories like sportswear and fitness are seeing some growth, overall sales are expected to remain stagnant.

E-commerce platforms are now looking to international markets for growth, offering global free shipping and promoting cross-border sales. Alibaba, for example, reports that 70,000 merchants saw sales double with global free shipping.

Meanwhile, merchants in China are feeling the squeeze, with many reporting that the costs associated with participating in Singles’ Day outweigh the benefits. Zhao Gao, a garment factory owner, said he now only breaks even after paying advertising fees, while Du Baonian, a food company owner, reports a 15% decline in sales.

This year’s Singles’ Day marks a significant turning point, showcasing the challenges facing China’s e-commerce industry as consumers become more cautious and platforms seek new opportunities overseas.

Read More