The Alibaba Group logo is seen during the company's 11.11 Singles' Day global shopping festival at their headquarters in Hangzhou, Zhejiang province, China, November 11, 2020.
The Singles Day sales period ended up with anemic growth in transactions, despite steep discounts by retailers.
Alibaba (9988.HK), , the e-commerce giant behind Singles Day, used to hold a lavish gala in Shanghai to celebrate the consumption extravaganza.
And China’s State Post Bureau said on Sunday that express delivery volume hit a record high during the Singles Day period, rising more than 23% between November 1 and November 11, compared to the previous year.
Beijing may hope Chinese shoppers are more fatigued by the Singles Day’s barrage of promotions than consumption itself.
Persons:
Aly, Xi, Taylor Swift, Alibaba, It’s, JD.com, Goldman Sachs, Francesco Guerrera, Thomas Shum
Organizations:
REUTERS, Reuters, HK, Post Bureau, Reuters Graphics Reuters, Thomson
Locations:
Hangzhou, Zhejiang province, China, HONG KONG, Shanghai, Beijing