- What is microRNA? Nobel-winning discovery explained
- Weather may delay launch of mission to study deflected asteroid
- China to flesh out economic stimulus plans after bumper rally
- Asian markets track Wall St rally on US jobs data
- World marks anniversary of Oct. 7 attack on Israel
- Asian markets track Wall St rally on jobs data
- Cancer, cardiovascular drugs tipped for Nobel as prize week opens
- Tunisia incumbent Saied set to win presidential vote: exit polls
- 'Difficult day': Oct 7 commemorations begin with festival memorial
- Commemorations begin for anniversary of attack on Israel
- Tunisia voting ends as Saied eyes re-election with critics behind bars
- Drowned by hurricane, remote N.Carolina towns now struggle for water
- Two elephants die in flash flooding in northern Thailand
- Tunisia votes with Saied set for re-election
- Too hot by day, Dubai's floodlit beaches are packed at night
- A 'forgotten' valley in storm-hit North Carolina, desperate for help
- Italy targets climate activists in 'anti-Gandhi' demo clampdown
- US trade chief defends tariff hikes when paired with investment
- EU court blocks French ban on vegetable 'steak' labelling
- Meta AI turns pictures into videos with sound
- US dockworkers return to ports after three-day strike
- DR Congo to begin mpox vaccination campaign Saturday in east
- Meta must limit data use for targeted ads: EU court
- Oil extends gains, jobs report lifts Wall Street
- US hiring soars past expectations in sign of resilient market
- As EU targets Chinese cars, European rivals sputter
- Top EU court finds against FIFA in key transfer market ruling
- Oil extends gains, Hong Kong stocks resume rally
- 'A man provides': Ukrainian miners send families away as Russia advances
- EU states greenlight extra tariffs on EVs from China
- Hong Kong stocks resume rally, oil dips after Middle East-fuelled surge
- Crude stable after Israel-Iran surge, Hong Kong stocks resume gains
- Hera spacecraft to probe asteroid deflected by defence test
- US dockworkers to head back to work after tentative deal
- After Helene's destruction, North Carolina starts to rebuild
- Dockers end three-day strike at Montreal port
- What next for OpenAI after $157 billion bonanza?
- Israel-Hamas war causes 86-percent dive in Gaza GDP: IMF
- Milan's Morata moves house after Inter-fan town mayor 'violates' privacy
- 'Devastating' storm hits Augusta National but Masters will go on
- Relief in Brazil, Asia over delay to EU deforestation rules
- Oil prices jump, stocks fall on Middle East tensions
- Biden says 'discussing' possible Israeli strikes on Iran oil facilities
- Oil prices rise, stocks fall on Middle East tensions
- Oil rallies, stocks mostly retreat on Middle East tensions
- Phasing out teen smoking could save 1.2 mn lives: study
- 'Welcome relief': Asia producers hail EU deforestation law delay
- Japan PM slated to announce plans for 'happiness index'
- Turkish inflation falls less than expected in September at 49.4%
- Easing inflation lifts profit at UK supermarket Tesco
CMSC | -0.02% | 24.695 | $ | |
RBGPF | -1.16% | 60.1 | $ | |
RYCEF | -1.16% | 6.9 | $ | |
RELX | -0.83% | 45.91 | $ | |
VOD | 0% | 9.66 | $ | |
SCS | -1.41% | 12.79 | $ | |
GSK | 0.6% | 39.055 | $ | |
NGG | -0.88% | 65.92 | $ | |
BTI | -0.18% | 35.225 | $ | |
RIO | -0.19% | 69.57 | $ | |
AZN | -0.12% | 77.375 | $ | |
CMSD | -0.13% | 24.78 | $ | |
BCC | -1.29% | 137.125 | $ | |
BCE | -0.14% | 33.662 | $ | |
JRI | -0.16% | 13.259 | $ | |
BP | 0.78% | 33.14 | $ |
China's Singles Day shopping spree enters final stretch
China's Singles Day shopping bonanza entered its final stretch Friday, with all eyes on whether sales can top a record one trillion yuan ($140 billion) despite the country's struggling economy.
Conceived by technology giant Alibaba, the informal holiday's title riffs on a tongue-in-cheek celebration of singlehood inspired by the four ones -- "11/11" -- that denote its date of November 11.
It has grown to encompass much of China's retail sector -- including traditional brick-and-mortar stores, second-hand sales platforms and even rival shopping giant JD.com -- with merchants offering varying levels of discounts starting in late October.
The combined gross value of products sold by Alibaba and JD.com this year "may surpass a trillion yuan," Xiaofeng Wang, principal analyst at research firm Forrester, said in a note -- up from the total of 965 billion yuan raked in at last year's event.
Once a festival of frenzied consumption led by Alibaba's effervescent founder Jack Ma, Singles Day has been more muted in recent years as Beijing cracks down on online platforms.
Last year's holiday was virtually ignored by state-controlled news outlets with a host of other events competing for shoppers' wallets.
Beijing resident Liu Yingxue said the Single's Day atmosphere was "not as enthusiastic" as in previous years.
"Platforms like (Alibaba's) Taobao and JD.com used to have more ads and promotions," she told AFP.
"And they don't give so many discounts these days."
- Economic strain -
The mood has been dampened further this year as Beijing persists with a zero-Covid strategy that has hammered business confidence and chipped away at consumer demand.
The holiday, conceived in 2009, has previously lured throngs of Chinese influencers alongside Western celebrities including Kim Kardashian and Taylor Swift, drawing heavy coverage in both domestic and international media.
This time around, a series of scandals and a campaign against tax evasion have lowered expectations of celebrity endorsements, with influential Chinese live-streamer Viya disappearing from social media late last year in the wake of a tax probe.
Alibaba said last week the event could "make a big difference" for retailers struggling with supply-chain disruptions and inflation this year, including a slew of foreign brands.
Businesses and consumers alike have been laid low by China's stringent Covid prevention policies, which see officials wield snap lockdowns, mass testing and lengthy quarantines in response to a handful of cases.
Beijing resident Li Xiaofeng said the "state of the whole economy" was likely putting platforms and merchants under more pressure, "so they are offering fewer discounts".
"I think it's because of Covid," said Lin Xiangru, another denizen of China's capital.
"People have less guaranteed income than before, so they don't want to spend money on desired products at such a specific moment."
China is the last major economy wedded to a strategy of extinguishing new outbreaks as they occur.
State media reported Thursday that top leaders had again vowed to stick "unswervingly" to the policy.
A.Zimmermann--CPN