Chinese seek economical brands

Strict Covid-19 curbs, economic uncertainty weighed on the shopping extravaganza

BEIJING:

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. From the evening of October 31 through Thursday, more than 2,000 items generated sales exceeding ¥10 million ($1.4 million) each on Tmall marketplace, more than half of them Chinese brands, according to data from the platform owned by e-commerce conglomerate Alibaba Group Holding Ltd. Alibaba said Singles Day sales were in line with last year, when gross merchandise value rose 8.5%, the lowest since the company started the shopping event in 2009.

Published in The Express Tribune, November 13^th, 2022.

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