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

Businesses and consumers in China were less interested in the Singles’ Day shopping festival this year due to a sluggish economy, prompting e-commerce platforms like Alibaba to seek growth abroad. Despite originally starting in 2009 to offer discounts and boost sales, the event has seen declining consumer sentiment in recent years, with some customers no longer trusting promotions. As the economy continues to struggle, experts predict low growth for the festival, with platforms like JD.com and Alibaba reporting dwindling transaction values and single-digit growth figures.

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