China’s Singles’ Day kicks off as COVID, real estate crisis bite
Al JazeeraBeijing, China – For 33-year-old Li Bingwen, this year’s Singles’ Day promises to be a subdued affair. Singles’ Day, the world’s biggest shopping event, takes place under a cloud of uncertainty this year as recent COVID-19 outbreaks, power shortages and a burgeoning property market crisis threaten to dampen consumer spending. Real estate crisis In September, the state-run Global Times tabloid newspaper quoted Wang Jun, an economist at Zhongyuan Bank, describing slowing consumption as the “biggest weakness” of China’s economic recovery after the pandemic. Last month, Chinese media outlet Caixin warned that domestic consumer spending could suffer a “long COVID” contraction, citing, among other issues, the real estate crisis centred around indebted property giant Evergrande. While people are noticeably avoiding shopping districts, analysts still expect Singles’ Day to do prominent sales figures – although growth may be modest compared with previous years.