China's 'Singles Day' Sees 'Positive' Growth but Exact Revenue Undisclosed

Aggressive Pricing Strategies Adopted Amid Slowing Economy; Health and Wellness Items Expected to Outperform

China's annual 'Singles Day' shopping festival, which has expanded into weeks of promotions, saw Alibaba and JD.com report 'positive' year-on-year growth but did not disclose exact revenue numbers for the second consecutive year.
According to data provider Syntun, cumulative gross merchandising volume (GMV) sales across major e-commerce platforms rose 2.08% to 1.14 trillion yuan ($156.40 billion), compared with growth of 2.9% last year.
Alibaba and JD.com adopted aggressive pricing strategies, offering steep discounts to compete with rivals such as Douyin and Pinduoduo that sell lower-cost and discounted items year-round.
Despite the positive tone, consumers appear largely unswayed by flashy deals and discounts amid a slowing economy, with 77% of consumers surveyed by Bain planning to spend less or the same amount on Singles Day compared with last year.
Items related to health and wellness and outdoor lifestyles were expected to outperform, with global brands such as Nike and Lululemon expected to sell well.