Alibaba stays mum on Singles Day gross sales tally, says in keeping with 2021 By Reuters

By Casey Corridor

SHANGHAI (Reuters) -Alibaba Group on Friday opted to not disclose the ultimate gross sales tally of its annual Singles Day purchasing pageant for the primary time because it began the occasion in 2009, solely saying the outcomes had been in keeping with final yr.

The e-commerce platform’s development merchandising worth (GMV) was broadly predicted to put up flat to low single-digit development, underscoring weak Chinese language shopper sentiment hit by stringent COVID-19 curbs and a sharply slowing economic system.

Alibaba (NYSE:) didn’t instantly reply to requests for touch upon its determination after the official 11-day gross sales occasion ended at midnight on Nov. 11.

In a press launch, it stated the occasion had “delivered outcomes in keeping with final yr’s GMV efficiency regardless of macro challenges and COVID-related impression.”

GMV development has been slowing in current editions of Singles Day – the world’s largest on-line purchasing pageant that has, regardless of its identify, advanced right into a multi-week occasion and is a key barometer of Chinese language retail demand.

Final yr’s 8.5% GMV rise for Alibaba’s platforms was its lowest ever development charge, following a 26% bounce in 2020. Earlier than 2020, the pageant was a one-day occasion.

Citi analysts stated this week they had been conservatively forecasting Alibaba’s GMV for the occasion to vary from 545 billion yuan to 560 billion yuan ($75 billion to $77 billion), with development of 0.9% to three.6%.

Consultancy Syntun stated earlier on Friday that Alibaba and different Chinese language e-commerce companies holding Singles Day purchasing occasions collectively logged a 4.7% decline in gross sales for the primary 12 hours of the ultimate day.

The e-commerce big has for over a yr toned down hype across the occasion as Chinese language President Xi Jinping more and more emphasises “frequent prosperity” – a push that seeks to remove rising wealth inequities and clamp down on what the Communist Social gathering sees as extreme behaviours.

It didn’t maintain its common celebrity-studded gala present this yr nor any in-person media occasions, citing the COVID-19 pandemic.

Alibaba stated its Tmall market supplied Singles Day offers on greater than 17 million merchandise, 3 million greater than final yr, with a record-matching 290,000 manufacturers taking part.

Alibaba didn’t say which manufacturers had been promoting properly however famous that gross sales of high-tech magnificence gadgets corresponding to devices to chill and raise facial pores and skin had surged some 5,570% from final yr, whereas carpet cleaners and good kitchen home equipment had been promoting extraordinarily properly.

Its rival JD (NASDAQ:).com didn’t publish GMV or gross sales development charge both following its occasion’s conclusion however did say Apple Inc (NASDAQ:) offered over 1 billion yuan value of merchandise within the first minute of the occasion’s remaining gross sales interval on Thursday night, which is marked by deeper reductions.

Throughout the first 10 minutes of this era, turnover for 87 worldwide magnificence manufacturers, together with Estee Lauder (NYSE:), L’Oreal and L’Occitane, tripled from final yr, it additionally stated.

Yang Zengdong, 40, a trainer in Shanghai, stated she had second ideas about taking part in Singles Day in any respect this yr, however when the ultimate gross sales interval began on Thursday night, she ended up buying about the identical quantity as final yr.

“I feel it is one thing deep within the thoughts of Chinese language those who for those who do not buy on Singles Day, you’re lacking out on a chance,” she stated.