Singles Day: Alibaba sales blitz rakes in $75 billion as Chinese shake off Covid-19 – CNN

Singles Day: Alibaba sales blitz rakes in $75 billion as Chinese shake off Covid-19 – CNN

Alibaba (BABA) said on Thursday that the annual sales frenzy broke records again, raking in 498.2 billion yuan (roughly $75 billion). The total includes an earlier three-day period that was added to boost post-pandemic sales.
Compared to the same timeframe as last year, this year’s haul represents an increase of 26%, the company said.
Alibaba stock slides despite strong earnings, as Ant Group IPO concerns linger
“China’s economy has seen a strong recovery and Chinese consumers’ purchase behaviors have already returned to pre-pandemic levels, if not higher,” according to Xiaofeng Wang, analyst with market research firm Forrester.
China reported positive economic growth for the second quarter in a row last month, underlining how quickly the world’s second-largest economy has recovered from the pandemic.
For brands and retailers scrambling to recover from months of shuttered shops and consumers hunkered down indoors, the lucrative Chinese shopper is a much-needed bright spot. Many companies “are doubling down” on their Singles Day sales events, according to Wang.
A survey from market research firm Oliver Wyman found that 86% of Chinese consumers are willing to spend the same as or more than what they did during last year’s Singles
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