ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print
Business trends

Alibaba's Singles Day record masks a wary Chinese shopper

Average spending flat despite booming sales and celebrity glitz

HONG KONG -- Alibaba Group Holding may have yet again smashed its record for its annual online shopping carnival known as Singles Day, but no one should think this means Chinese consumers are feeling more optimistic than the recent spending slowdown has suggested.

While sales grew 27% to 213.5 billion yuan ($30.7 billion) -- bigger than its U.S. counterparts Black Friday and Cyber Monday combined -- a closer look at the figures shows that Chinese shoppers are refraining from buying valuable items despite big discounts. They remain distinctly gloomy, weighed down by a less than rosy outlook for the economy over the years ahead.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more