China’s Singles’ Day sales highlight weak consumer demand, Banco Carregosa says
FXI•Singles’ Day sales through October 31 barely exceeded CNY 1 trillion, broadly unchanged from last year, while retail sales rose 1.1% in the first nine months. Exports surged 35% in October, while housing prices have fallen about 20% or more from their 2021 peak.
1. Sales remain subdued
China’s Singles’ Day promotions struggled to lift consumption, with sales through October 31 barely exceeding CNY 1 trillion, broadly unchanged from last year. Retail sales rose 1.1% in the first nine months, compared with export-led economic growth of 4.6%.
2. Housing and shopping trends
Housing prices have fallen about 20% or more from their 2021 peak, undermining household wealth perceptions and consumer confidence. Alibaba integrated its Qwen AI model into Taobao and Tmall to simplify ordering and personalize recommendations as discount fatigue weighed on shoppers.
3. Exports and stimulus
Exports surged 35% in October, led by technology products, reducing pressure on policymakers to strengthen consumer stimulus, economist Max Zenglein said.
