China's 'Singles' Day' shopping festival a gauge of Beijing's effort to get consumers to spend more [Yahoo! Finance Canada]
ING Group, N.V. (ING)
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Source: Yahoo! Finance Canada
That's typical, analysts say, of the trend for the extended discount campaign that is China's equivalent to Black Friday sales, initiated by China's Alibaba in 2009 as a 1-day event on Nov. 11 -- Double 11 in Chinese parlance, and considered a symbol of unattached singles. “I've made a conscious effort to cut back,” said Zhang, who spent around 3,000 yuan ($421) this year. Singles' Day spending is closely watched by observers and economists as an indicator for the wider economy. This year, the sales period began as early as Oct. 9, several days earlier than in 2024, and will finish this week. Chinese retail data provider Syntun said that as of Oct. 31, the combined gross value for this year's Singles' Day had topped 1 trillion yuan ($140 billion). In 2024, it estimated sales rose about 26% year-on-year to 1.44 trillion yuan. It remains to be seen if the appetite for spending may finally be recovering after the pandemic and a prolonged downturn in the property market. Boosti
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- ING Group (NYSE:ING) was upgraded by analysts at Citigroup Inc. to a "strong-buy" rating.MarketBeat
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