'Singles Day' at Alibaba & Co: China's Online Traders Are Hoping for Sales Records | 10/11/19

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Despite a weakening economy, China's online retailers are heading for new sales records on Singles Day.

Chinese internet giants Alibaba announce the biggest discount battle of the year on Sunday with a TV gala, which is expected to see Taylor Swift as a star guest. From midnight, customers can stock up on Monday for 24 hours with goods with some high discounts.

Originally the 11.11. in China among students as a kind of anti-Valentine's day for single people, because the date consists only of ones. In 2009, online retailer Alibaba started making the day a shopping festival. Numerous competitors followed suit. Many customers in China are waiting for the "Singles Day" and postpone planned bulk purchases until then.

Although the Chinese economy is slowing, analysts are setting new records this year. For Alibaba, which sold goods worth about $ 30 billion in just one day last year (about € 27 billion), this time sales of $ 37 billion are predicted.

China's economy had fallen to its lowest level in nearly three decades in the third quarter of the year. The second-largest economy grew by only 6.0 percent compared to the same period of the previous year. Experts called the causes of the US trade war with China, the uncertainty of investors and the Chinese efforts to tackle the growing debt as causes.

The slower growth in the US and China caused by the trade war between the two largest economies slows down the global economy and also worsens the prospects for Germany. However, Beijing and Washington have recently signaled that they want to sign an agreement to ease the conflict.

BEIJING (dpa-AFX)

Image Source: 360b / Shutterstock.com, www.alibabagroup.com, Gil C / Shutterstock.com, testing / Shutterstock.com



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