Chinese Consumers Cut Back on Singles Day Shopping Amid Economic Slowdown Concerns
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Price wars during China's Singles Day shopping festival point to weak consumer spending and concerns about economic slowdown.
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E-commerce platforms like Alibaba's Taobao are offering huge discounts and incentives to spur sales.
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Analysts and consumer surveys show weak confidence and plans to cut spending compared to last year.
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Slowing growth in areas like property, local governments, and exports is reducing consumer wealth and confidence.
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Anecdotal evidence shows consumers like office worker Tan Jiapeng cutting back on non-essential purchases due to economic uncertainty.