Worried Chinese shoppers scrimp, dimming the appeal of a Singles' Day shopping extravaganza

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Shoppers in China have been tightening their purse strings, raising questions over how faltering consumer confidence may affect the annual Singles’ Day online retail extravaganza

HONG KONG — Shoppers in China have been tightening their purse strings, raising questions over how faltering consumer confidence may affect Saturday's annual Singles’ Day online retail extravaganza.

Singles Day, also known as “Double 11,” was popularized by e-commerce giant Alibaba. In the days leading up to the event, sellers on Alibaba and elsewhere often slash prices and offer enticing deals.

Given prevailing jitters about jobs and a weak property market, it's unclear how this year's festival will fare.

A Bain & Company survey of 3,000 Chinese shoppers found more than three-quarters of those who responded plan to spend less this year, or keep spending level, given uncertainties over how the economy is faring.

That includes people like Shi Gengchen, whose billiard hall business in Beijing’s trendy Chaoyang district has slowed.

Shi said the economy was in a bad condition and had affected his business. «There are fewer customers than before,” he said, adding that his sales are just 40% of what they were before the pandemic.

“I don’t spend a lot,” he said. “Of course, everyone has a desire to spend, but you have to have the money to spend.»

Chinese consumers were much more eager to splurge before COVID-19 hit in 2020. Shoppers spent $38 billion in 24 hours on Alibaba’s e-commerce platforms during Singles’ Day in 2019.

But the Chinese have become much more cautious over splashing out on extras, analysts say.

“The hype and excitement around Singles’ Day is sort of over," said Shaun Rein, founder and managing director of Shanghai-based China