China's Singles' Day shopping fest muted amid tech crackdown
ABC News
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.”
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.
