Alibaba’s Robust Singles Day Sales Not Enough to Spark China’s Retail Market
Alibaba blew away all expectations with a record-breaking 91 billion yuan (HK$110.6 billion) in online sales on Singles’ Day (November 11th) amid a bleak picture of China’s economy. But experts cautioned it does not necessarily mean a boom for China’s retail market, and the nation’s economic slowdown still remains as the biggest underlying worry for the sector in the longer term.
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