Chinese E-Commerce Giants Wage Aggressive Price Wars to Lure Cautious Shoppers for Singles Day Amid Economic Slowdown
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China's economic slowdown has led to aggressive price wars between e-commerce giants like Alibaba and JD.com to attract cautious consumers for Singles Day shopping festival.
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Companies are offering huge discounts, with slogans like "Truly Low Prices" to boost lackluster retail sales and consumer spending brought on by high unemployment and stagnant incomes.
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Analysts predict a muted Singles Day due to weak economic conditions, with surveys showing most shoppers plan to spend less than last year.
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Massive discounts also reflect intense competition between Chinese e-commerce platforms trying to gain market share.
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While some consumers are cutting back, higher-end brands like Nike, Lululemon and Starbucks are seeing strong China sales, as wealthy shoppers still seek premium "upgraded" experiences.