Chinese consumers are expected to spend tens of billions on everything from fresh food to luxury goods during this year’s Singles' Day online shopping festival, as the country recovers from the pandemic.
The shopping festival, which is the world’s largest and typically begins in November, is an annual extravaganza where China’s e-commerce companies, including Alibaba, JD.com and Pinduoduo, offer generous discounts on their platforms.
By 11:30 a.m. Eastern Daylight Time on Wednesday, consumers had already spent 372.3-billion yuan (US$56.3-billion) on Alibaba’s Taobao and Tmall e-commerce platforms since the company kicked off the shopping festival on Nov. 1.
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Rival JD.com also reported cumulative sales of 200-billion yuan (US$30.2-billion) since Nov. 1, nine minutes after the clock struck midnight on Wednesday.