"It's known to be China's biggest online shopping event - taking place on 11 November each year. But this year, Single's Day sales have already begun in mid-October, as part of efforts by Chinese retailers to boost spending in a sluggish market. China has been plagued with issues like growing youth unemployment , a prolonged property crisis, steep government debt and an ongoing trade war with the US - all of which is making the country's consumers cut back on spending."
"The Chinese government has been spending billions - through family subsidies, more wages and discounts for consumer goods in a bid to counter this, but retail sales growth is still failing to meet expectations. Originally created by Alibaba as a Chinese shopping festival, Singles' Day is akin to Amazon's Prime Day or Black Friday promotions elsewhere in the world. A major revenue driver in the final quarter of the year,"
Retailers launched Singles' Day sales earlier, beginning in mid-October, to counter weak consumer demand. Economic pressures include rising youth unemployment, a prolonged property crisis, heavy government debt and trade tensions with the US, which have contributed to reduced household spending. The government has injected funds through family subsidies, higher wages and discounts for consumer goods, yet retail sales growth remains below expectations. Singles' Day, created by Alibaba, has expanded from a single day into one of the year's largest shopping periods, with major platforms promoting 11.11 and Alibaba using AI to improve search and recommendations.
Read at www.bbc.com
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