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Brunei
Tuesday, November 29, 2022
22.5 C
Brunei
Tuesday, November 29, 2022
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    China’s Singles Day shopping spree enters final stretch

    BEIJING (AFP) – China’s Singles Day shopping bonanza entered its final stretch yesterday, with all eyes on whether sales can top a record USD140 billion despite the country’s struggling economy.

    Conceived by technology giant Alibaba, the informal holiday’s title riffs on a tongue-in-cheek celebration of singlehood inspired by the four ones – “11/11” – that denote its date of November 11.

    It has grown to encompass much of China’s retail sector – including traditional brick-and-mortar stores, second-hand sales platforms and even rival shopping giant JD.com – with merchants offering varying levels of discounts starting in late October.

    The combined gross value of products sold by Alibaba and JD.com this year “may surpass CNY1 trillion,” principal analyst at research firm Forrester Xiaofeng Wang said in a note – up from the total of CNY965 billion raked in at last year’s event.

    Once a festival of frenzied consumption led by Alibaba’s effervescent founder Jack Ma, Singles Day has been more muted in recent years.

    Last year’s holiday was virtually ignored by state-controlled news outlets with a host of other events competing for shoppers’ wallets.

    Beijing resident Liu Yingxue said the Single’s Day atmosphere was “not as enthusiastic” as in previous years.

    A delivery courier sorts packages along a street in Beijing. PHOTO: AP
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