What They Say
Although spending still grew to a record level ($84.5 billion for Alibaba and up to $160 billion overall) and up 8% on last year, reports from China say that growth in sales for the Alibaba Singles Day is the lowest since the event started in 2009. The BBC reports that after a crackdown on high tech companies this year by the Chinese government (which included a $2.8 billion fine for Alibaba), the company tried to present itself this year as “a tech company with social responsibility”.
As well as the more muted approach, macroeconomic factors such as power shortages, the continued impact of Covid and concerns about the property market weighed on sentiment.
What We Think
Of course, in most markets 8% growth to a new record would be seen as a great result. (BR)
