China's 'Singles' Day' goes big, but physical stores are left behind

The 'Singles' Day' shopping extravaganza, launched by Alibaba in 2009, has become a significant event in China's retail calendar, occurring annually on November 11. However, recent reports indicate that Chinese consumers are experiencing fatigue towards this event, a sentiment that poses a challenge for Beijing as it seeks to boost consumer spending in a slowing economy. The trend of diminishing enthusiasm is particularly concerning given the event's role in driving sales for e-commerce giants over the past month. As consumers show signs of weariness, physical stores are notably left behind, struggling to compete with the online sales frenzy. This shift in consumer behavior highlights broader economic anxieties and raises questions about the future of retail in China, especially as the government looks for ways to invigorate spending and support economic growth.