China’s largest annual shopping festival, Singles’ Day, also known as Double 11, turned 15 this year. In the run-up, major e-commerce platforms announced the return of low prices and launched large-scale subsidies and discounts to stimulate consumption. “You can buy expensive products, but don’t buy them overpriced,” Xin Lijun, CEO of JD.com Retail, said at a press conference held by JD.com to promote Singles’ Day. E-commerce behemoth Alibaba started offering deep discounts at midnight on November 11, also known as Bachelors’ Day, in 2009. The shopping festival was subsequently rebranded as Singles’ Day and expanded rapidly over the ensuing 15 iterations, with new e-commerce platforms like
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