China’s annual shopping frenzy shatters another record
The spending binge breaks from gloomy forecasts about the world’s second-largest economy, which is struggling with a tariff war with the U.S., a stock market slump and slowing overall growth
ONLINE shoppers spent more than $14 billion within the first two hours of China’s annual buying frenzy yesterday, once again breaking records as the consumer tradition enters its 10th year. The spending binge breaks from gloomy forecasts about the world’s second-largest economy, which is struggling with a tariff war with the U.S., a stock market slump and slowing overall growth. Known as Singles Day, the clamor for deals and discounts was heralded with characteristic fanfare by Chinese e-commerce giant Alibaba, which has turned an unofficial holiday for people without romantic partners into a yearly windfall for digital retailers.
A massive screen at Alibaba’s gala in Shanghai showed the surging sales numbers in real time: At 2 minutes and 5 sec- Alibaba founder Jack Ma, who will step down as chairman in less than a year, attended the start of the gala in Shanghai and appeared in a video message in which he wrapped up live hair crabs, a popular online purchase.
Singles Day “is not a day of discounts, but rather a day of gratitude,” Ma said in the video. “It’s when retailers use the best products and best prices to show their gratitude to our consumers.”
Chinese e-commerce platforms have come under fire in the past for peddling low-quality and counterfeit items. Hong Tao, an economics professor at Beijing Technology and Business University, said Singles Day encourages shoppers to prioritize cheap prices over high quality, causing them to purchase items they