SHANGHAI, Oct 23 (Reuters) - E-commerce giant Alibaba Group (9988.HK) said it will be offering huge discounts as it gears up for its annual Singles Day shopping extravaganza - an indication that Chinese consumer confidence remains at a low ebb.
The event - which begins on Tuesday and despite its name now stretches over several weeks - will offer over 80 million products at their lowest prices this year, it said in a statement.
Tmall will also compare prices on products in real time with other e-commerce platforms in China and tag products with the lowest price, it said.
Alibaba did not disclose how much in subsidies and coupons it plans to offer in total this year but added that Taobao and Tmall had committed an "unprecedented" amount of investment.
The company last year did not announce the sales tally for the event for the first time, saying only that the total amount was in line with 2021.
Persons:
Alibaba, Tmall, Xi Jinping, Brenda Goh, Edwina Gibbs
Organizations:
Alibaba, HK, Communist Party, Thomson
Locations:
SHANGHAI, China