Alibaba's Single's Day Sales Stagnate at $84B
November 15, 2022 (Investorideas.com Newswire) According to Tradingplatforms.com, this year, Alibaba's sales reached $84 billion, which is in line with last year's sales.
The slowing global economy, rising inflation, and Covid-19 lockdowns have been blamed for the sales stagnation. This is the first time in Alibaba's history that Single's Day sales have not increased year-over-year. The event was first created by Chinese college students in the 1990s as a way to celebrate being single and has since morphed into the world's biggest online shopping event.
According to Tradingplatforms's Edith Reads, "Singles Day is the world's largest shopping festival, outshining similar US events such as Black Friday and Cyber Monday in terms of sales. The event is supposed to encourage Chinese consumers to shop online and has been increasingly popular. This year, however, things are different. The global pandemic has put a halt to many people's spending habits, and this is reflected in Alibaba's sales figures."
Reads goes on to say that "It is not just Alibaba that is feeling the effects of the pandemic. Other major retailers such as Amazon, also reported slowing sales growth in recent months. The good news is that Alibaba is still seeing strong growth in other areas, such as its cloud computing business. This shows that the company is diversified and will be able to weather the storm."
Other companies are also feeling the effects of the pandemic. For example, Amazon announced that it would not be hiring as many seasonal workers this holiday season as it did last year. Google and Microsoft have also said they will slow down their hiring rates. Apple has stated that it plans to be more cautious about expanding its workforce during these difficult economic times. The full story and statistics can be found here: Alibaba's Single's Day Sales Stagnate at $84B
This news is published on the Investorideas.com Newswire - a global digital news source for investors and business leaders
Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions.
More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/ and tickertagstocknews.com