China's Singles' Day Sales Subdued, Signaling Weak Consumer Spending Appetite

China's Singles' Day online shopping festival has seen subdued sales, indicating a weak appetite for spending among consumers. Cumulative sales as of October 31 were broadly similar to last year's figures for the same period, despite retailers extending the festival. This suggests a broader macroeconomic concern regarding consumer demand in China, which has been impacted by factors such as a prolonged property sector downturn. Retail sales of consumer goods increased by only 1.1% year-on-year during January-September.