The Weekly Brief

JP Morgan
By November 26, 2017 13:02

The Weekly Brief

Thought of the Week

Singles’ Day is an online shopping phenomenon in China, commercialised by Alibaba – China’s largest e-commerce company – to celebrate the notion of being single. Since its inception, Singles’ Day sales have increased significantly, benefitting from a growing middle class and rising consumer spending. This year, sales reached a record $25.4 billion and overtook last year's figure by about 40%, highlighting that consumption in China remains strong. Even more impressively, purchases on Singles’ Day, measured broadly by Alibaba’s sales figures, were three times the level of online purchases across Thanksgiving, Black Friday and Cyber Monday in the US last year. Despite concerns over a potential moderate slowdown in Chinese growth, the sustained improvement in sales shows that consumption should continue to support Chinese economic growth going forward.

JP Morgan
By November 26, 2017 13:02


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