As Alibaba Group wraps up the world's biggest online shopping festival on Friday, the operative word seems to be flat - potentially flat sales and flat in tone with the Chinese e-commerce giant not even holding its usual gala show.
wraps up the world's biggest online shopping festival on Friday, the operative word seems to be flat - potentially flat sales and flat in tone with the Chinese e-commerce giant not even holding its usual gala show.
While Alibaba has said its Tmall marketplace would offer more than 17 million products, 3 million more than last year and that a record-matching 290,000 brands are participating, the festival is set to have its weakest sales growth ever. "While promotional campaigns have kicked off with decent buzz on consumer demand over the past week, we are cautious; spending sentiment is likely to remain soft," Citi's Alicia Yap wrote, citing disruptions to economic activity due to COVID curbs and rising job insecurity.
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