Shopping festivals in China are losing their shine given weak domestic demand and changing consumer preferences. - Reuters
BEIJING: Beijing resident Liu Zuyi used to scrimp and save months ahead of the Double 11 sales – China’s largest online shopping festival – before splurging on discounted household items or gadgets.
As an undergraduate in the early 2010s, he recalled getting a 40 per cent discount on a laptop he had been eyeing all year.
