China’s major shopping event
China's biggest online shopping event concluded as investors monitor for indications that consumer spending is picking up in the world’s second-largest economy following recent measures by Beijing to stimulate activity.
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'Singles day'
Launched by tech giant Alibaba in 2009, "Singles Day" has grown into a massive annual shopping event, with several days of discounts drawing customers to China’s online retail platforms.
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Shopping frenzy
The event’s name plays off the four ones in its date, November 11, or "11.11" -- a lighthearted nod to singlehood that drives significant sales for Alibaba and its main rival, JD.com.
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Key test for China's recovery
Slow domestic consumption is one of the key challenges confronting policymakers in China, and this year's Singles Day could represent a major boon for retail giants.
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Beijing's measure to stimulate growth
In recent weeks, Beijing has introduced a series of bold measures to boost economic growth, such as lowering key interest rates and raising the debt ceiling for local governments.
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Expected to generate more than 167 billion sales
Singles Day 2024 is projected to generate more than 1.2 trillion yuan ($167 billion), reflecting a 15 percent increase compared to the previous year, according to estimates.
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Extending the celebration to boost sales
Although Singles’ Day was once a one-day event, Chinese shopping platforms now begin the festivities weeks in advance to boost sales. Even physical stores participate by launching sales promotions and displaying banners and posters to attract customers.
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E-commerce platforms look abroad
Meanwhile, other e-commerce platforms, facing a sluggish domestic market, are now targeting international markets for growth. They are offering deals such as global free shipping and enabling merchants to easily sell to customers worldwide.