Chinese shoppers spend $139 billion during Singles’ Day fest

BEIJING (AP) — Chinese shoppers spent $139.1 billion during this year’s annual Singles’ Day shopping extravaganza, breaking last year’s record even though consumer spending slowed amid economic uncertainty during the coronavirus pandemic. Experts say that the world’s largest online shopping festival has taken on a more muted tone this year with less marketing hype on the back off a regulatory crackdown on the technology industry. This year, e-commerce platforms reduced marketing hype in line with the Chinese government’s push for less extravagance. Shoppers say deep discounts during Singles’ Day are a thing of the past.