Singles Day strikes a cautious tone this year as China's economy slows and a tech crackdown continues
CNN
Singles Day — the world's largest annual shopping event — has kicked off in China and promises to bring in tens of billions of dollars in sales for the country's biggest e-commerce companies.
But the tone at this year's bonanza is a lot more cautious than it has been in prior years, as companies contend with rising inflation in a slowing economy and a regulatory crackdown on their operations.
Alibaba (BABA) launched the first Singles Day Shopping Festival on November 11, 2009. The event, which is also known as Double 11, is pegged to China's informal, anti-Valentine's Day holiday that celebrates people who aren't in relationships. The date — 11.11 — was chosen because it is written as four ones, or singles.
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