Singles' Day Sales Growth Slows for Alibaba and JD.com Amid China's Economic Struggles
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China's top e-commerce companies Alibaba and JD.com reported higher Singles' Day sales versus last year but did not release full data, marking the second straight year without transparency.
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Analysts believe Singles' Day growth is slowing, with estimated 2% sales growth this year versus double-digit growth in previous years, signaling China's economic struggles.
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E-commerce platforms focused on low prices amid fierce competition, while survey showed only 23% of shoppers planned to spend more, down from 51% in 2021, reflecting waning enthusiasm.
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Slowing Singles' Day growth follows plateauing sales the past two years and comes amid broader China slowdown due to COVID-19, property crisis, declining consumer confidence.
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Shift towards more affordable platforms like Pinduoduo in lower-tier cities shows consumers are increasingly cost-conscious, particularly younger shoppers.