Domestic consumption continues to weaken

China's Singles' Day, a major shopping festival, faces challenges in boosting consumer spending despite discounts, reflecting low family confidence. Celebrated on November 11, the event serves as a consumption barometer, with sales slightly exceeding 1 trillion yuan by October 31, similar to last year. Economic growth of 4.6% in early 2023 contrasts with only a 1.1% rise in retail sales. The ongoing real estate crisis affects family confidence, with housing prices dropping significantly. Consumers show 'discount fatigue' due to year-round promotions, leading to reduced spending. E-commerce giants like Alibaba are using AI to enhance sales. Despite weak domestic demand, exports surged by 35% in October, particularly in tech products, alleviating pressure on authorities for stronger consumption stimulus.