China’s biggest online shopping day fails to return to pre-Covid days high once again

China’s Singles’ Day shopping extravaganza has lost its sparkle as consumers, wary of promotional tactics and facing economic headwinds, prioritize necessities over extravagant purchases. Major e-commerce platforms have ceased publicizing sales figures, reflecting this trend. Merchants are also scaling back, citing high advertising costs and diminishing returns, prompting a shift towards international markets.