Singles Day was a real hype years ago, but it has ended up losing steam

[rUparaHmaN017]

After years of limited government oversight, Beijing is now applying a new set of regulations to tech companies to ensure they compete more fairly and contribute more to society.

Alibaba, for example, has been forced to iran telephone number data pay a record fine of 2.45 billion euros after authorities determined that it had abused its dominant position in the Chinese market.

Shen Lu (Protocol) believes that this year Alibaba's Singles Day has been a way of polishing its own image rather than increasing sales . "Alibaba wants to show people that it is a socially responsible company," says Lu. That is why this year Singles Day has been more closely linked to the sale of environmentally friendly products and fundraising for charitable causes than in previous years.

It also seems that after 12 years of uninterrupted celebration, Singles Day no longer has as much appeal among Chinese consumers , who are turning their attention to new ways of shopping online, such as the increasingly ubiquitous "live streaming shopping."

Moreover, many Chinese consumers are said to be less willing to make unnecessary purchases as they once were at a time when China's economic recovery appears to be losing steam.