China tamps down hype around Singles’ Day

HONG KONG — China’s biggest online shopping day, known as Singles’ Day on Nov. 11, is taking on a muted tone this year as regulators crack down on the technology industry and President Xi Jinping pushes for “common prosperity.”

The Singles’ Day shopping festival — also known as Double 11 — is a massive event for China’s e-commerce companies. Last year, consumers spent $74 billion on Alibaba’s online shopping platforms over the 11 days of the festival. Smaller rival JD.com reported $40 billion in sales during a similar time frame.

Alibaba — China’s largest e-commerce firm — usually holds a massive gala the night before Nov. 11. Past galas have featured superstars such as Katy Perry and Taylor Swift and even acrobatic acts by the Cirque du Soleil.

A glitzy live counter starts ticking at midnight to tally in real time how much consumers have spent on Alibaba platforms like Taobao and Tmall. The festival is viewed as a barometer of consumption in the world’s most populous country.

This year, Alibaba has toned down the hype.

The Singles’ Day online gala Thursday will be live-streamed due to COVID-19 outbreaks in parts of China. Alibaba says it is focusing on sustainability, supporting charities and inclusivity — themes that align with Beijing’s climate goals and Xi’s calls for “common prosperity” that aims to curb inequality and excessive consumption.

Earlier this year, e-commerce platform Pinduoduo pledged to give $1.5 billion in profits to farmers to boost their incomes, while Alibaba has committed $15.5 billion to subsidies for small and medium-sized enterprises and supporting workers in the gig economy, such as delivery drivers, according to local news outlet Zhejiang News.

The shift to emphasizing sustainability comes after Alibaba was fined a record $2.8 billion for violating antitrust rules. China has been stepping up scrutiny of the technology sector and moving to curb monopolistic practices that hurt consumers’ rights.