Alibaba, JD Tout Singles’ Day Highs While China Economy Sags
- Data shows sales surged, but over a much longer period
- Analysts warn shoppers still show signs of moderated spending
Workers sort packages for delivery at a JD.com warehouse in Beijing on Nov. 11.
Photographer: Wang Zhao/AFP/Getty ImagesChina’s biggest e-commerce platforms issued a raft of numbers showing robust sales growth during the country’s biggest annual online shopping gala, belying concerns about the malaise dogging the world’s No. 2 economy.
Alibaba Group Holding Ltd., JD.com Inc. and smartphone maker Xiaomi Corp. on Tuesday presented a plethora of statistics to drive home how this year’s Singles’ Day haul was one of the biggest yet. Alibaba said the number of paid 88VIP members who placed orders grew by 50%. Smaller rival JD reported customers increased by more than 20%. And Xiaomi co-founder Lei Jun said sales over the four-week promotional period hit a record 31.9 billion yuan ($4.4 billion).