China’s juggernaut retail festival Singles’ Day, or “Double 11,” offers a snapshot of the country’s consumption landscape. This year’s is particularly prescient—and surprising. Despite dispiriting trends in the economy (from a housing crisis and deflation to a youth unemployment rate of 20% and falling birth rates), big tech platforms across the board saw sales growth. It speaks to the resilience and optimism of Chinese consumer sentiment.
Read the full article from November 15, 2023 here.