China's Singles' Day online shopping bonanza's sales slow as shoppers opt for more affordable deals [Globe and Mail, The (Toronto, Canada)]
Alibaba Group Holding Limited American Depositary Shares each representing eight Ordinary share (BABA)
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Source: Globe and Mail, The
Consumers have been tightening their belts , spending cautiously due to a prolonged slump in the property market, lagging wages and high unemployment among the young Chinese who usually would be most likely to splurge on online purchases. Chinese retail data provider Syntun said Wednesday that the estimated combined sales value for this year's online retail bonanza, the country's equivalent to Black Friday and Cyber Monday when e-commerce giants offer deep discounts, reached almost 1.7 trillion yuan ($238 billion). The almost 18% increase in sales was just over half the nearly 27% increase in , when sales totaled 1.44 trillion yuan. Syntun noted that the comparison was not direct, since this year's festival was roughly a week longer. Analysts said that was partly to help prop up sales for the e-commerce companies at a time of softer demand. “This year's Singles' Day should be viewed as a positive signal for China's consumer economy,” said Jacob Cooke, CEO of the consultancy W
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