Workers sort packages for delivery ahead of the Singles’ Day shopping festival at a logistics center in Zouping, in China’s eastern Shandong province on November 10.//AFP
Beijing, China – China’s annual “Singles Day” sales bonanza wraps up at midnight on Saturday, but consumers this year appear largely unswayed by its flashy deals and discounts as the world’s second-largest economy slows.
Conceived by tech giant Alibaba, “Singles Day” — which this year spanned well over a week — was launched in 2009 and has since ballooned into a yearly blockbuster retail period.
Sales for last year’s Singles Day reached 1.1 trillion yuan ($153 billion), according to a recent report by consultancy firm Bain.
But among consumers surveyed by Bain this year, 77 percent said that they did not plan to spend more than usual during the sales event.
“These days people are…
