China's 'Singles' Day shopping fest muted amid technology crackdown

 

China's biggest online shopping day, known as Singles' Day on Nov. 11, is taking on a muted tone this year as regulators crack down on the technology industry and President Xi Jinping pushes for common prosperity.

The Singles' Day shopping festival also known as Double 11 is a massive event for China's e-commerce companies. Last year, consumers spent $74 billion on Alibaba's online shopping platforms over the 11 days of the festival. Smaller rival JD.com reported $40 billion in sales during a similar time frame.

Alibaba China's largest e-commerce firm usually holds a massive gala the night before Nov. 11.

Past galas have featured superstars such as Katy Perry and Taylor Swift and even acrobatic acts by the Cirque du Soleil.

A glitzy live counter starts ticking at midnight to tally in real time how much consumers have spent on Alibaba platforms like Taobao and Tmall. The festival is viewed as a barometer of consumption in the world's most populous country.

This year, Alibaba has toned down the hype. The Singles' Day online gala Thursday will be live-streamed due to COVID-19 outbreaks in parts of China. Alibaba says it is focusing on sustainability, supporting charities and inclusivity themes that align with Beijing's climate goals and Xi's calls for common prosperity that aims to curb inequality and excessive consumption.

This year's muted festivities are a perfect storm of economic, competitive and regulatory pressures, said Michael Norris, research strategy manager at Shanghai-based consultancy AgencyChina.

In terms of regulation, e-commerce platforms are coming to grips with how to align consumption extravaganzas with common prosperity' themes, he said.

Earlier this year, e-commerce platform Pinduoduo pledged to give $1.5 billion in profits to farmers to boost their incomes, while Alibaba has committed $15.5 billion to subsidies for small and medium-sized enterprises and supporting workers in the gig economy, such as delivery drivers, according to local news outlet Zhejiang News.

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