China's Singles Day sales could top 1 trillion yuan even as the economy cools | CNN Business

China’s Singles Day, the world’s biggest annual shopping event, is known for regularly smashing sales records. This year’s bonanza, which wraps up on Friday and is led by internet titans Alibaba\n \n and JD.com\n \n , will likely be no exception: Analysts expect it to rack up 1 trillion yuan in sales for the first time. Singles Day usually eclipses two of the world’s most popular sales events — Black Friday and Cyber Monday — combined.

“Given China’s weak retail sales this year, declining consumer confidence, unrelenting zero-Covid policy, and the uncertain macroeconomic environment, 11.11 festival growth could slow, as consumers are more cautious about making discretionary purchases,” Weinswig told CNN Business. “Additionally, increasing government regulation of the tech and live-streaming industries could hurt sales growth this year.

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CHINA IS FULL OF LIBERALS

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