Chinese consumers clutched their wallets tight in this year's Singles Day and continued seeking relatively economical home brands over pricier expensive labels, as strict COVID-19 curbs and economic uncertainty weighed on the shopping extravaganza.
were in line with last year, when gross merchandise value rose 8.5%, the lowest since the company started the shopping event in 2009. For the first time, Alibaba did not announce sales data this year.
Best-sellers this year included Chinese home appliance makers such as Haier, Midea and sportswear brand Anta, as well as international names such as Apple, L'Oreal and Nike. Alibaba rival JD.com said that in the 28 hours from 8 p.m. on Oct. 31, Chinese brands accounted for 80% of the sales of the top 20 brands.
Repeated COVID lockdowns in cities across China drove consumers to spend on improving life quality at home.
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