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It’s known to be China’s biggest online shopping event – taking place on 11 November each year.<\/p>\n
But this year, Single’s Day sales have already begun in mid-October, as part of efforts by Chinese retailers to boost spending in a sluggish market.<\/p>\n
China has been plagued with issues like growing youth unemployment , a prolonged property crisis, steep government debt and an ongoing trade war with the US – all of which is making the country’s consumers cut back on spending.<\/p>\n
The Chinese government has been spending billions – through family subsidies, more wages and discounts for consumer goods in a bid to counter this, but retail sales growth is still failing to meet expectations.<\/p>\n<\/div>\n
Originally created by Alibaba as a Chinese shopping festival, Singles’ Day is akin to Amazon’s Prime Day or Black Friday promotions elsewhere in the world. <\/p>\n
A major revenue driver in the final quarter of the year, the event is marked with deep discounts online and in stores, with most retailers in the country competing for sales.<\/p>\n
Over the years, the sales window has evolved from a single day to one of the year’s biggest shopping events, often ushered in with extravagant opening events featuring popstars like Jessie J.<\/p>\n
But this year, retailers launched their sales campaigns in October, coinciding with the end of China’s Golden Week holiday. <\/p>\n
Platforms like Taobao, JD.com and Douyin are actively promoting “11.11” sales, with banners on their apps showing discounts and vouchers.<\/p>\n