China’s Alibaba Group Holding Ltd will kick off its mega-shopping extravaganza “Singles Day” early this year, a move that will likely see a big jump in its sales as the easing of the country’s COVID-19 pandemic drives an economic rebound, reported Reuters.
The tech giant will offer two check out periods — a new one from Nov. 1-3 and its traditional 24-hour shopping window on Nov. 11. It says it will introduce more than 2 million new products, double the amount last year.
This year’s blitz is being watched as a barometer for how strong consumer appetite is rebounding in China, amid signs that a recovery in household spending has started broadening.
“The longer 11-11 lasts, the more opportunity they have to make money,” said Sam Coopersmith, partner at Full Jet, a Shanghai-based e-commerce consultancy.