China’s Singles’ Day tempered by strict Covid rules and slowing economy

Alibaba, which owns the South China Morning Post, and other Chinese e-commerce firms holding Singles’ Day shopping events together saw underwhelming sales during the festival’s final stretch, in line with subdued expectations for this year. Singles’ Day, the world’s biggest annual shopping festival, is a key barometer of Chinese retail demand. The lacklustre showing is being blamed on China’s strict Covid rules and a slowing economy.