China’s Singles’ Day Growth Slows Amid Economic Struggles—What This Means for America

China’s massive Singles’ Day online shopping festival, often touted as the world’s largest e-commerce event, registered an 18% sales increase this year—far below last year’s nearly 27% surge. While still impressive by global standards, this slowdown is no minor detail; it reveals deeper cracks in the Chinese economy that have far-reaching consequences beyond Asia. Why Are China’s Consumers Pulling Back? For years, China's economic engine has depended heavily on robust consumer spending powered by rising wages and urban prosperity. This year, however, a prolonged slump in the Chinese property market coupled with stubbornly high youth unemployment and stagnant wages has...