Price wars during Chinese shopping fest expose consumer woes

The logo of e-commerce app Pinduoduo is displayed next to mobile phones displaying the app, in this illustration picture taken October 25, 2023. REUTERS/Florence Lo/Illustration/File Photo Acquire Licensing Rights BEIJING, Nov 10 (Reuters) – A ferocious price war among China’s e-commerce retailers during the “Singles Day” shopping event is exposing further weakness in household consumption and raising concerns that the world’s second-largest economy will resume its slowdown. Originally a 24-hour online shopping event in China held on Nov. 11, Singles Day, a nod to the digits in the date, has expanded into weeks of promotions, including in brick-and-mortar stores, making…