Chinese e-commerce giants Alibaba Group Holding and JD.com on Saturday concluded their latest promotions for Singles’ Day, the world’s largest shopping festival, with a nod to the resilience of the country’s consumer market, despite the impact of macroeconomic headwinds this year, reports the South China Morning Post.
But in separate statements, both companies for the first time withheld announcement of their gross merchandise volume (GMV), or final sales tally, from the annual online and offline shopping extravaganza that culminates on November 11, known as “11.11”.
Alibaba said its 14th annual 11.11 campaign “delivered results in line with last year’s GMV performance, despite macro challenges and COVID-related impact.” Alibaba’s GMV in November last year grew 8.45% year on year to a record RMB 540.3 billion ($84.5 billion), which marked the first single-digit GMV growth since the company created the shopping festival in 2009.