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

By ZEN SOO
AP Technology Writer

HONG KONG (AP) — 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. China’s Singles’ Day falls on Nov. 11 and is also known as the “Double 11.” It was popularized by e-commerce giant Alibaba. Around that time, sellers on Alibaba and elsewhere often slash prices and offer enticing deals. 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 the same given uncertainties over how the economy is faring.