China’s Singles’ Day online shopping event, which rivals Black Friday in the United States, posted sluggish sales this year as consumer optimism lagged far behind reported GDP growth. Chinese consumers are reportedly still worried about the depressed real estate market and would rather save than spend on the biggest retail day of the year.
\n\n“Optimism over a recovery in domestic demand has faded. Improvements in sentiment have repeatedly proved short-lived,” senior Asia-Pacific economist Max Zenglein of The Conference Board told the Associated Press (AP) on Wednesday.
\n\nCitigroup forecast a weak 2 percent increase in Singles’ Day volume for 2026. The sort of luxury and big-ticket items that used to sell briskly during the event moved poorly this year as shoppers seemed more inclined to buy necessary items at holiday discounts.
\n\n“Chinese consumers are increasingly focused on health, wellness, hobbies, and experiences. We’re seeing this across multiple age, gender, regional, and socioeconomic divides,” observed WPIC Marketing and Technologies CEO Jacob Cook.
\n\nIronically, some of the best-selling luxury items were from American brands like Coach and Ralph Lauren, which generally enjoyed a good third quarter in China.
\n\nSingles’ Day is officially November 11 each year (the date written as 11/11, or four…
Original source: https://www.breitbart.com/economy/
