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China’s Singles' Day stumbles as frugal shoppers shrink the world’s biggest sale
Preliminary figures for China’s biggest shopping event of the year indicated slower sales as consumers tie their purse strings tighter amid weak economic growth. The Double 11 shopping festival this year recorded 1.695 trillion yuan (about $238 billion) in sales across all platforms, marking a 14.2% jump year on year, according to Chinese consumer research firm Syntun. That’s slower than the 26.6% year on year growth last year. Consumers were “more rational and willing to pay for real value, exhibiting a “tiered system based on needs” characteristic,” according to a Google translation of the report. ... (full story)
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