China’s Singles’ Day shopping festival struggles to shake off weak consumer spending
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By CHAN HO-HIM
HONG KONG (AP) — Early signs suggest China ’s biggest online shopping event is struggling to persuade anxious consumers to spend more, despite discounts.
The Singles’ Day festival, a major discount campaign comparable to Black Friday and Cyber Monday in the U.S., centers on Nov. 11. But it begins weeks earlier and is seen as a barometer of the broader economy.
Retail data platform Syntun said cumulative sales as of Oct. 31 totaled just over 1 trillion yuan ($154 billion), broadly
HONG KONG (AP) — Early signs suggest China ’s biggest online shopping event is struggling to persuade anxious consumers to spend more, despite discounts.
The Singles’ Day festival, a major discount campaign comparable to Black Friday and Cyber Monday in the U.S., centers on Nov. 11. But it begins weeks earlier and is seen as a barometer of the broader economy.
Retail data platform Syntun said cumulative sales as of Oct. 31 totaled just over 1 trillion yuan ($154 billion), broadly
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