Royaloyalz
2022-11-16

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@Ben Ang：
Chinese consumers clutched their wallets tight in this year's Singles Day and continued seeking relatively economical home brands over pricier expensive labels, as strict COVID-19 curbs and economic uncertainty weighed on the shopping extravaganza. From the evening of Oct. 31 through Thursday, more than 2,000 items generated sales exceeding 10 million yuan ($1.4 million) each on Tmall marketplace, more than half of them Chinese brands, according to data from the platform owned by e-commerce conglomerate Alibaba (NYSE:BABA) Group Holding Ltd.Alibaba said Singles Day sales were in line with last year, when gross merchandise value rose 8.5%, the lowest since the company started the shopping event in 2009. For the first time, Alibaba did not announce sales data this year. The shopping festival, which has expanded from a one-day online event into a lengthy spree, is seen as a barometer for consumer sentiment in the world's second-biggest economy. Best-sellers this year included Chinese home appliance makers such as Haier, Midea and sportswear brand Anta, as well as international names such as Apple (NASDAQ:AAPL), L'Oreal and Nike (NYSE:NKE).
Chinese consumers clutched their wallets tight in this year's Singles Day and continued seeking relatively economical home brands over pricier expensive labels, as strict COVID-19 curbs and economic uncertainty weighed on the shopping extravaganza. From the evening of Oct. 31 through Thursday, more than 2,000 items generated sales exceeding 10 million yuan ($1.4 million) each on Tmall marketplace, more than half of them Chinese brands, according to data from the platform owned by e-commerce conglomerate Alibaba (NYSE:BABA) Group Holding Ltd.Alibaba said Singles Day sales were in line with last year, when gross merchandise value rose 8.5%, the lowest since the company started the shopping event in 2009. For the first time, Alibaba did not announce sales data this year. The shopping festival, which has expanded from a one-day online event into a lengthy spree, is seen as a barometer for consumer sentiment in the world's second-biggest economy. Best-sellers this year included Chinese home appliance makers such as Haier, Midea and sportswear brand Anta, as well as international names such as Apple (NASDAQ:AAPL), L'Oreal and Nike (NYSE:NKE).

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