China's shopping extravaganza Singles Day did not match up to its usual high sales count with Alibaba and other Chinese e-commerce companies seeing a 4.7% fall in sales for the first 12 hours of the final day
and other Chinese e-commerce firms holding Singles Day shopping events together logged a 4.7% decline in sales for the first 12 hours of the final day, a research firm said.
Analysts have forecast flat or only slight growth in sales for Alibaba, noting that Chinese consumer sentiment is at a low ebb - hit hard by the country's stringent COVID curbs and a sharply slowing economy. Not all the early data has pointed to sales declines. Syntun estimated a 5.7% increase in gross merchandise value during the first four days to Nov. 3 across the e-commerce platforms.Citi analysts said this week they were conservatively forecasting Alibaba's GMV for the event to range between 545 billion yuan and 560 billion yuan , growth of 0.9% to 3.6%.
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China Singles Day events show 4.7% sales slide in first half of last day -research firmAlibaba Group Holding and other Chinese e-commerce firms holding Singles Day shopping events together logged a 4.7% decline in sales for the first half of the final day, a research firm said.
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Alibaba's Singles Day shopping event set to end with subdued sales and no fanfareAs Alibaba Group wraps up the world's biggest online shopping festival on Friday, the operative word seems to be flat - potentially flat sales and flat in tone with the Chinese e-commerce giant not even holding its usual gala show.
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China's Singles Day sales could top 1 trillion yuan even as the economy cools | CNN BusinessChina's Singles Day is the world's biggest shopping event, known for regularly smashing sales records.
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China's muted Singles' Day shopping fest expects slow growthHONG KONG (AP) — China’s biggest online shopping festival, known as Singles’ Day, is typically an extravagant affair as Chinese e-commerce firms like Alibaba and JD.com ramp up marketing campaigns and engage top livestreamers to hawk everything from lipstick to furniture as they race to break sales records of previous years.
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Oil prices on track to decline for fourth day amid fears of softer demand from ChinaOil futures continued to slide on Thursday as concerns about Chinese demand and rising inventories weighed on prices
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