China's Singles' Day, the world's largest online shopping festival which falls on Nov. 11 every year, is losing its shine, with less marketing hype and a crackdown on the technology industry.
Singles' Day has been viewed as the largest online marketing event of the year. It is heavily advertised for weeks ahead of time with brands and merchants offering deep discounts to attract consumers looking for bargains.
Chinese regulators have cracked down on technology companies, investigating giants like Alibaba and food delivery firm Meituan over alleged anti-competitive practices. Platforms are also reining in the marketing hype to align themselves with Chinese President Xi Jinping's calls for “common prosperity,” which includes curbing excess and advocating for more equitable distribution of wealth and resources.
Online retailer JD.com also did not publicly stream a running tally of sales this year. But it did hold a media event Thursday, where a counter showed that as of 2 p.m. local time shoppers had spent over $48 billion. “2021 is a year of troubled times. There is the pandemic and various disasters, economic growth is slow and the stock market is not performing well,” said Hua Wei, a Beijing resident.
“I don't think it's necessary to waste time and energy in order to save a little money, so the things I buy are what I need,” he said, such as snacks and fruit.“I hope that there will be less exaggerated publicity and hype in future sales, and that the discounts will be bigger,” he said.
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