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2021-11-12

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Chinese shoppers spend $139 billion during Singles’ Day fest

BEIJING (AP) — Chinese shoppers spent $139.1 billion during this year’s annual Singles’ Day shopping

Chinese shoppers spend $139 billion during Singles’ Day fest

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Thanks in advance","highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/879191866","repostId":1188655178,"repostType":4,"repost":{"id":"1188655178","pubTimestamp":1636687293,"share":"https://www.laohu8.com/m/news/1188655178?lang=&edition=full","pubTime":"2021-11-12 11:21","market":"hk","language":"en","title":"Chinese shoppers spend $139 billion during Singles’ Day fest","url":"https://stock-news.laohu8.com/highlight/detail?id=1188655178","media":"AP news","summary":"BEIJING (AP) — Chinese shoppers spent $139.1 billion during this year’s annual Singles’ Day shopping","content":"<p>BEIJING (AP) — Chinese shoppers spent $139.1 billion during this year’s annual Singles’ Day shopping extravaganza, breaking last year’s record even though spending slowed during the coronavirus pandemic.</p>\n<p><a href=\"https://laohu8.com/S/BABA\">Alibaba</a> tallied 540.3 billion yuan ($84.5 billion) in spending over the festival that spanned Nov. 1 to Nov. 11, the company said Thursday, a growth of 14% compared to a nearly 93% increase last year.</p>\n<p>Rival <a href=\"https://laohu8.com/S/JD\">JD.com</a> reported 349.1 billion yuan ($54.6 billion) in transactions this year, from Oct. 31 to Nov. 11, about a 28% increase compared to 32% growth in 2020.</p>\n<p>The slowdown in growth for the world’s largest online shopping festival, which typically ends on Nov. 11, comes amid reduced marketing hype and a crackdown on the technology industry.</p>\n<p>Singles’ Day has been viewed as the largest online marketing event of the year. 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Ahead of Singles’ Day, Alibaba, rival JD.com and Meituan were among companies asked to curb excessive marketing text messages sent to consumers during the festival.</p>\n<p>Last week, 16 e-commerce platform operators — some of which are linked to Alibaba and Meituan — were also summoned by regulators in the southern province of Guangdong and warned over “unfair competition.”</p>\n<p>Platforms are also reining in the marketing hype to align themselves with Chinese President Xi Jinping’s calls for “common prosperity,” which includes curbing excess and advocating for more equitable distribution of wealth and resources.</p>\n<p>“The decision not to publish a live GMV tally suggests <a href=\"https://laohu8.com/S/CAAS\">China</a>’s major e-commerce platforms believe this consumption display is incongruent with current ‘common prosperity’ themes,” said Michael Norris, research strategy manager at the Shanghai-based consultancy AgencyChina.</p>\n<p>“While not publishing a live GMV tally may appease local sensibilities, without careful management, it may spook foreign investors who are already concerned about Alibaba’s growth prospects,” he said.</p>","source":"lsy1628003918714","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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In previous years, the festival was heavily advertised for weeks ahead of time with brands and merchants offering deep discounts to attract consumers looking for bargains.\nBut shoppers say deep discounts of what is also called “Double Eleven” are now a thing of the past and experts are predicting lower sales as the economy slows.\nThis year, Alibaba, the e-commerce platform that pioneered the online shopping festival more than a decade ago, decided not to showcase a running tally of its real-time gross merchandise volume (GMV) — defined as the amount of transactions racked up across its platform — on its site for the shopping festival, taking on a more muted tone compared to previous years of glitzy marketing campaigns.\nChinese regulators have cracked down on technology companies, investigating giants like Alibaba and food delivery firm Meituan over alleged anti-competitive practices.\nEarlier this year, Alibaba was fined a record $2.8 billion for violating antitrust rules. 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Chinese shoppers spend $139 billion during Singles’ Day fest

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