China's Singles' Day festival generated just over 1 trillion yuan ($149 billion) in sales through October 31, roughly matching last year's level, as weak consumer confidence keeps households from spending.

Syntun, a retail data tracker, put accumulated sales at the 1 trillion yuan mark on the same timetable as 12 months earlier, The Associated Press reported. The festival centers on November 11 but now begins weeks in advance, and retailers have lengthened the run to inflate headline totals. Even so, the extended calendar delivered flat early results.

The full 2025 festival set a record, finishing just below 1.7 trillion yuan ($254 billion) — a figure analysts read as the product of a longer event rather than stronger demand.

Why is demand failing to recover?

"Optimism over a recovery in domestic demand has faded," said Max Zenglein, Asia Pacific senior economist at The Conference Board. "Improvements in sentiment have repeatedly proved short-lived."

A years-long property slump sits at the core of the malaise. Home prices stand 20% or more below their 2021 peak, leaving households feeling poorer and less willing to spend on discretionary goods.

Yaling Jiang, founder of market research firm ApertureChina, said shoppers are suffering "discount fatigue" — because deals now run year-round, the festival itself has lost its power to trigger purchases. Shaun Rein, managing director of China Market Research Group, said confidence has drained from middle-class consumers, and many festival discounts now offer smaller savings than in past editions.

The sentiment shows up in individual behavior. Gabby Liang, a 24-year-old furniture sales worker in Foshan, told the AP: "I've been buying much less online, especially when it comes to non-essential items."

How are platforms fighting back?

Alibaba has embedded its Qwen AI model into Taobao and Tmall, letting shoppers search for and order products with AI assistance. Membership plans that bundle AI tokens are receiving a dedicated marketing push — a first for the festival.

Not every category is struggling. Jacob Cooke, CEO of consultancy WPIC Marketing + Technologies, said wellbeing-related products are selling at a comparatively brisk pace, and he expects this year's Singles' Day sales to edge up overall.

What do the wider numbers show?

China's economy grew 4.5% year-on-year in the third quarter and 4.6% across the first nine months, with trade carrying the expansion.

The domestic picture is darker:

• Exports jumped 35% in October from a year earlier
• Passenger car sales fell almost 25% in January-September
• Fixed-asset investment contracted 7.2% over January through September
• Real estate development investment dropped 20.6%

The National Bureau of Statistics acknowledged that domestic demand remains short and said the foundation for stable growth needs further strengthening.

The mix leaves Singles' Day's record totals resting on duration and discounts, not a consumer revival.