China’s Singles’ Day shopping festival struggles to shake off weak consumer spending

Cumulative sales for China's Singles' Day festival as of Oct. 31 totaled roughly $154 billion, about the same as in the corresponding period last year, according to the Eagle-Tribune. The festival, which centers on Nov. 11 but begins weeks earlier, is seen as a landmark discount campaign similar to Black Friday and Cyber Monday. Retail data platform Syntun provided the sales figures.

The Singles' Day festival is struggling to shake off weak consumer spending, with China's vast domestic market having struggled as a yearslong housing downturn has left households feeling less wealthy. Sales of big-ticket items, such as cars and luxury goods, have been hit especially hard.

The festival is seen as a barometer of the broader economy. Early signs suggest that it is failing to persuade anxious consumers to spend more, despite discounts.

AP News reported that the Singles' Day festival is China's biggest annual online shopping festival. It begins weeks earlier and is comparable to Black Friday and Cyber Monday in the U.S.

Reuters reported that China's Singles Day shopping festival puts AI selling power to the test. The South China Morning Post noted that China's Singles' Day turns 18, and it is saying goodbye to coupon math and hello to AI tokens.

The Eagle-Tribune and AP News both reported that early signs suggest China's biggest online shopping event is struggling to persuade anxious consumers to spend more, despite discounts. WANE 15 also reported subdued sales for Singles' Day, signaling weak appetite for spending.