Chinese e-commerce giant Alibaba has suspended publishing full sales figures for its annual Singles’ Day event for the first time in its history, as a sluggish economy reduces demand.
Launched in 2009, Singles’ Day is the largest annual e-commerce event in the world, surpassing similar events in the United States such as “Black Friday” and “Cyber Monday” in terms of sales.
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Alibaba’s sales in 2021 were 540.3 billion yuan ($ 76.1 billion).
In a statement released on Saturday, Alibaba said the results of the quest’year were “in in line with last year … despite the general challenges and impact associated with Covid “, without giving details.
He added that around 290,000 brands participated in the 2022 edition, while merchants offered different levels of discounts starting in late October, according to Agence France-Presse.
The previous day, Senton Research estimated that platforms including Alibaba and JD.com combined generated 262 billion yuan between Thursday 8pm and 2pm (0600 GMT) Friday afternoon.
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But singles day has declined in recent years due to Beijing’s crackdown on platforms online and the decrease in the coverage of media state.
In April 2021, regulators fined Alibaba Group $ 2.8 billion for its anti-competitive practices, while the public presence of its founder Jack Ma decreased. in significantly over the past two years.
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