Singles’ Day sales hit by rising anti-consumerism sentiment, China’s youth warn of ‘vicious circle’

Nov 12, 2021 | INVESTING

Anti-consumerism sentiment among young people in China concerned with overindulgence dominated the world’s largest online shopping festival this year, adding to the recent social phenomena of “lying flat” and “involution”.Despite raking in 540.3 billion yuan (US$84.4 billion) in sales and beating last year’s turnover, this year’s Singles’ Day sales grew at its slowest rate since Alibaba created the online shopping extravaganza in 2009. Alibaba is the owner of the South China Morning Post.A…

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