Why are Chinese consumers tuning out of annual online shopping festival?
Hangzhou bank employee Xiao Na says she has no plan to buy anything during China’s ongoing Singles’ Day shopping festival, the world’s largest online retail promotion. “When I think about hunting around for things to buy just so I can use all kinds of coupons, the money I save is dwarfed by what I’ve lost in the stock market,” the 37-year-old said. “Stocks are falling, home values continue to…
During China's annual Singles' Day online shopping festival, consumers are becoming increasingly reluctant to make purchases. Xiao Na, a bank employee from Hangzhou, has no intention of buying anything during the event. She cites the ongoing decline in stocks, falling home values, and stagnant salary increases as reasons for her cautious spending approach.
Many Chinese households are now prioritizing debt reduction and deleveraging over festive spending, as the tech-focused ChiNext Index experienced a significant 28% drop in the third quarter, one of its most substantial quarterly declines in history. The Shanghai Composite Index also suffered moderate losses amid a sharp unwinding of growth and technology stocks.
Overall, consumer spending has remained subdued this year, highlighting the impact of China's weakening economy on the annual online shopping extravaganza.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
