Chinas Singles Day shopping spree in spotlight as spending flags [Video]

China’s largest online shopping bonanza wraps up on Monday, with analysts and investors watching for signs that consumption is rebounding in the world’s second-largest economy after recent efforts by Beijing to boost activity.

“Singles Day” — launched by tech giant Alibaba in 2009 — has ballooned into an annual blockbuster period for retail, with days of discounts luring customers to the country’s online shopping platforms.

Its name is a riff on the four ones in its date of November 11, or “11.11” — the tongue-in-cheek celebration of singlehood is a key driver of sales for Alibaba and its main competitor, JD.com.

Neither firm released detailed sales figures on last year’s Singles Day for the second time running, with Alibaba saying only that it recorded growth during the period.

Sluggish domestic consumption is among the top issues now facing policymakers in China, which has struggled to achieve a full post-pandemic recovery.

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