#443 china E-Commerce Apocalypse: Hangzhou Collapses, Million Influencers Flee
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#443 china E-Commerce Apocalypse: Hangzhou Collapses, Million Influencers Flee
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streaming e-commerce and manufacturing. In Hangzhou, the once-booming digital economy has evaporated, marked by mass influencer relocations, high vacancy rates in former hubs like the Regal International Center, and the failure of major streaming companies. Concurrently, Shenzhen, the former world's factory, is grappling with widespread industrial park vacancies, factory closures, and soaring unemployment, suggesting a crisis in its manufacturing base. These systemic issues were directly reflected in the disappointing 2025 November 11th shopping festival, where consumer spending was sluggish, delivery drivers lacked orders, and platforms avoided disclosing specific sales data due to declining enthusiasm. The source attributes this broader decline to a structural recession, where factors like reduced income, the property crisis, and shrinking profit margins have created a challenging environment for businesses and wary consumers