BEIJING — China's Singles' Day shopping festival saw consumers spend more than expected in what has otherwise been a tepid retail environment, consulting executives told CNBC.
"I do think for many brands it probably will have turned out a bit better than they thought, but on a low level.
Probably nobody would say we hit it out of the ballpark," said Chris Reitermann, CEO of Ogilvy APAC and Greater China.
Many multinational corporations that sell consumer products in China are more cautious on the market, if not struggling, Reitermann said.
But he pointed out many of the companies are still "very profitable" in the country, even if their growth has slowed to the low single digits, instead of high double digits.
Persons:
Major, Chris Reitermann, Ogilvy APAC, Reitermann, Alibaba, JD.com
Organizations:
BEIJING, CNBC, WPP China
Locations:
Greater China, China, GMV
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