The news: This year’s Singles’ Day sales period will be the longest yet as Chinese companies look to maximize revenues.

• JD.com kicked off its sale earlier this month, with a 37-day window—five days longer than last year, and the longest in company history.
• Social platforms Douyin, Xiaohongshu, and Kuaishou are also looking to get a head start, with all three timing their sales ahead of Singles’ Day originator Alibaba.

Why it matters: The extended campaigns reflect the high stakes for China’s biggest promotional period. Despite Beijing’s stimulus measures, consumers have been reluctant to open their wallets all year—stoking intense price competition among retailers, which is fueling deflation.

Tepid spending during China’s Golden Week holiday underscores the problem.

• Average spending per trip fell slightly this year to RMB 911 ($127), the lowest level since 2022, when most consumers were stuck in COVID-19 lockdowns, according to Reuters.
• However, the total number of trips taken during the period was 16% higher YoY (although this year’s holiday was one day longer). That illustrates the scale of Chinese consumers’ price sensitivities as well as the pressure on businesses to slash prices to draw buyers.

Our take: Whether this year’s Singles’ Day turns into a price war depends on how strictly Beijing chooses to stem “disorderly” competition in the retail sector. New guidelines give regulators more oversight into how prices are set and the ability to conduct investigations in cases when they suspect price wars are occurring.

• The government is unlikely to apply these guidelines too strictly this Singles Day, given the event’s importance to businesses and its role as a barometer of consumer confidence.
• But the rules will certainly guide companies’ pricing and promotional strategies—especially for JD, Alibaba, and Meituan, which are all locked in an expensive fight to dominate food delivery and instant commerce.

Go further: For more on how China’s price wars are affecting retailers, read our Data Drop: 5 Charts on Instant Commerce in China.

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