China shoppers spend just 1 trillion yuan in Singles’ Day so far

China’s biggest online shopping festival has generated just over 1 trillion yuan ($154 billion) in cumulative sales as of October 31. This figure is nearly identical to the total recorded for the same period last year. The event, centered on November 11, serves as a key indicator of the nation’s economic health. Retailers have extended the discount window to maintain revenue, a strategy that pushed total 2025 sales to a record of almost 1.7 trillion yuan ($254 billion).

Consumer confidence has taken a hit from a prolonged downturn in the property sector. Home prices have fallen roughly 20% from their 2021 peak, with smaller cities feeling the pressure most. Andy Rothman, founder of the advisory firm Sinology, noted that many homeowners remain unsure whether prices will stabilize. This uncertainty has led families to feel less wealthy, prompting a shift in spending habits.

E-commerce giants are deploying artificial intelligence to encourage frugal shoppers to buy more. Alibaba integrated its Qwen AI into Taobao and Tmall platforms before the campaign started to assist with orders and recommendations. The company is also promoting AI token plans for the first time. Livestreamer Li Jiaqi, known for selling lipsticks, recorded sales equivalent to 2 trillion tokens in a 30-minute session this month, according to Chinese media reports.

The broader economy is growing at a 4.6% annual pace for the first nine months of the year, but this momentum comes from exports. Retail sales of consumer goods rose only 1.1% during that same period. Yaling Jiang, founder of market research firm ApertureChina, described a growing trend of discount fatigue among shoppers. She said that because deals are available year-round, the specific boost from Singles’ Day is shrinking.

Shoppers are cutting back on big-ticket items and luxury brands. Gabby Liang, a 24-year-old furniture sales worker in Foshan, said she is buying fewer non-essential items like skincare products. Kong Min, a resident of Beijing, stated he is less interested in pursuing famous or high-end brands this year. Shaun Rein, managing director of China Market Research Group, said middle-class consumers have lost confidence and find current discounts less attractive than in previous years.

Domestic demand for passenger cars has fallen almost 25% in the first nine months of the year. This decline contrasts with a 71% jump in car exports during the same period. Luxury goods groups LVMH and Kering reported that customer demand in China has dipped in recent months. These brands operate houses such as Louis Vuitton, Dior, Gucci, and Saint Laurent.

Health and lifestyle products are performing better than other categories. Online sales of imported fish oil grew nearly 43% year-over-year in the 12 months ending in September. Supplements targeting sleep, joint, and bone strength saw growth between 28% and 37%. Jacob Cooke, CEO of WPIC Marketing + Technologies, said these sectors are showing relative strength. He noted that consumer status symbols are shifting toward internal fulfillment and basic necessities rather than grand gestures.