Hangzhou bank employee Xiao Na says she has no plan to buy anything during China’s ongoing Singles’ Day shopping festival, the world’s largest online retail promotion. “When I think about hunting around for things to buy just so I can use all kinds of coupons, the money I save is dwarfed by what I’ve lost in the stock market,” the 37-year-old said. “Stocks are falling, home values continue to slide, and my salary isn’t going up. Keeping more cash in my pocket is the best strategy.” Consumers across China are holding back on spending during the annual shopping extravaganza as a stock market slump and a prolonged decline in property values erode household wealth, with many families making debt reduction and deleveraging greater priorities. In the third quarter, the tech-focused ChiNext Index plunged nearly 28 percent — one of its steepest quarterly declines on record — while the benchmark Shanghai Composite Index posted more moderate losses amid a sharp unwinding in growth and technology stocks. Chinese consumption has remained subdued this year, with total retail sal