Overview

• Alibaba's online shopping platforms, Taobao and Tmall, have cancelled their annual Dec. 12 shopping festival.
• The platforms will instead host a new shopping spree called 'year-end good price' from Dec. 9.
• The new event is said to have improved discount intensity, scale of merchants and the scale of commodities compared to the 12.12 festival.
• This change comes as Chinese consumers are becoming more value-conscious due to macroeconomic headwinds.
• The 12.12 shopping festival was a less-celebrated sister of the Singles Day sales festival, which has seen a 2.08% growth in sales this year.