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China's Singles Day sales festival wraps up with ecommerce giants reporting sales growth

Economic Times · 1y

Chinese ecommerce platforms Tmall and Taobao, owned by Alibaba Group, experienced positive year-on-year growth during the recent Singles Day sales period. Rival JD.com also reported record-high gross merchandising volume during the festival. The event, which expanded from a 24-hour online shopping event to weeks of promotions across various platforms and physical stores, is seen as a gauge of consumer confidence. Alibaba aimed to offer rock-bottom prices, with steep discounts of 40-50%, in response to competition from rivals Douyin and PDD Holdings' Pinduoduo. Bain and Company reported that shoppers focused on essential items while spending less on big-ticket categories.