China’s ‘Singles’ Day shopping fest muted amid technology crackdown

China’s biggest online shopping day, known as Singles’ Day on Nov. 11, is taking on a muted tone this year as regulators crack down on the technology industry and President Xi Jinping pushes for common prosperity.

The Singles’ Day shopping festival also known as Double 11 is a massive event for China’s e-commerce companies. Last year, consumers spent $74 billion on Alibaba’s online shopping platforms over the 11 days of the festival. Smaller rival JD.com reported $40 billion in sales during a similar time frame.

Alibaba China’s largest e-commerce firm usually holds a massive gala the night before Nov. 11.