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Reuters

China’s Singles’ Day loses lustre as growth slumps to single digit amid crackdown

After more than a decade of explosive growth, China’s Singles’ Day, the world’s biggest online shopping fest, is losing its gloss and bracing for more modest growth in coming years, hurt by a slower economy and tighter regulatory scrutiny. E-commerce giant Alibaba Group Holding Ltd said on Friday its sales – or gross merchandise value – during the 11 day event grew just 8.5%, the slowest rate ever, underscoring the headwinds for China’s tech firms. GMV had grown by at least double digits every year since Alibaba founded the festival in 2009 and built it into a global online shopping fest, dwarfing Cyber Monday in the United States.

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