The Chinese economy is so bad, even Chinese people can't be enticed into buying dirt-cheap mega-sale items

• China's largest online sales have consistently raked in billions of dollars.
• Now though, they seem to be losing their luster. 
• Consumer confidence is shaky, with high unemployment and a real estate crisis dragging the economy down.

China's biggest sales, which have historically raked in billions of dollars, appear to finally be losing their chokehold on the Chinese market.

These sales, characterized by steep discounts, have offered all sorts of retail products, from iPhones to designer bags, at fractions of their original prices. And consumers usually bite.

This year, they've started to hold off on going all in on big spending.