Has hype around China’s Singles’ Day fizzled out? ...Middle East

What Happened: Chinese consumers are no longer that excited about Singles’ Day, according to Bain & Co. The consultancy’s latest Singles’ Day report, released yesterday, shows that in a survey of 3,000 consumers across Chinese cities, only 53 percent of respondents said they were excited by this year’s shopping extravaganza, compared with 76 percent in 2021. This waning enthusiasm is coupled with pronounced caution when it comes to spending. Only 23 percent of respondents said they would spend more this year, whereas 77 percent plan to spend less, or maintain their spending at 2022’s level. When asked about their motivations for spending during the festival, which culminates on November 11,

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