China’s Singles’ Day shopping event begins early amid efforts to boost spending

Singles’ Day, China’s largest shopping festival, is starting five weeks early this year as retailers try to boost spending in a slowing economy, according to the BBC.

Traditionally held on Nov. 11, the event began in mid-October this year, coinciding with the end of the country’s Golden Week holiday. Major platforms, including Taobao, JD.com and Douyin, have already launched «11.11» promotions, offering discounts and vouchers to attract shoppers.

Retailers and officials hope that a longer sales period will spur greater consumer spending, which is important to support economic recovery as the country deals with weak demand, high youth unemployment and a property crisis. Despite government support like subsidies and wage programs, retail sales remain below expectations, reflecting ongoing economic challenges.

Initially created by Alibaba, Singles’ Day has grown from a 24-hour promotion into one of the world’s biggest shopping events, similar to Black Friday or Amazon Prime Day. Alibaba said its «11.11 Global Shopping Festival» officially kicked off on Oct. 15, with new AI-powered tools to improve search and product recommendations across its platforms.

After the COVID-19 pandemic, Chinese shoppers have become more cautious amid ongoing deflation. Luxury brands like Louis Vuitton and Burberry have reported slower sales, but recent gains in LVMH and Moncler shares reflect renewed investor optimism over signs of recovering demand.