China’s Singles’ Day Tests Beijing’s Push to Revive Consumer Spending

China’s extended Singles’ Day shopping festival is offering a muted read on consumer appetite as value-conscious shoppers trade down and focus on necessities despite deep discounts and an earlier start to promotions.

Retail data firm Syntun said combined gross merchandise value had topped 1 trillion yuan ($140bn) by Oct. 31, with final tallies due later this week. Last year’s sales were estimated up 26% to 1.44 trillion yuan, but economists say demand for big-ticket items remains weak amid job and income pressures.

Analysts cite «consumer fatigue» and skepticism over headline discounts, while government rebates for trading in appliances and vehicles may have pulled purchases forward. Major platforms Alibaba and JD.com began deals from Oct. 9 to jump-start activity and are pushing overseas sales, with Alibaba’s Taobao running Singles’ Day promotions in 20 countries.

With Beijing prioritizing domestic demand, this year’s Double 11 is seen as a gauge of whether household confidence is stabilizing—or whether frugality will continue to define China’s post-pandemic recovery.