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

AP Business Writer

HONG KONG (AP) — The Singles’ Day shopping festival looks less attractive this year amid a sluggish economy, forcing e-commerce firms to look abroad for growth. Online service provider and e-commerce platform Alibaba started the now-famous event on Nov. 11, 2009, offering attractive discounts to entice shoppers to spend more. The extravaganza, also known as “Double 11,” has since expanded to other platforms and countries. But consumers in China are no longer going all out on spending sprees as a real estate crisis and deflationary pressures drag down China’s domestic economy. The festival has long been regarded as a barometer of consumer sentiment.