What slowdown? Chinese shoppers set new 'Singles' Day' spending record

• November 13 2019
• http://www.jamaicaobserver.com/business-observer/what-slowdown-chinese-shoppers-set-new-singles-day-spending-record_179430

SHANGHAI, China (AFP) — Chinese consumers spent a record amount on Alibaba platforms Monday during the annual Singles' Day buying spree, the world's biggest 24-hour shopping event, which kicked off this year with a glitzy show by US singer Taylor Swift.

The country's leading e-commerce firm said that by late afternoon the amount of goods bought surpassed the previous record of US$30.7 billion spent during the entire 24-hour period last year, and was still rising with several hours to go.

China's economy is in an extended slowdown exacerbated by the US trade war, and the Singles' Day fire sale is viewed as a snapshot of consumer sentiment in the world's second-biggest economy.

But there was little hint of Chinese belt-tightening, with US$1 billion spent via Alibaba in just the first 68 seconds.

US President Donald Trump has repeatedly said his tariffs on Chinese goods have put the country's economy on the ropes, but the State-run tabloid Global Times said the shopping figures proved otherwise.

“It clearly speaks to the Chinese people's stronger spending power to back up the economy, despite the 17-month-long trade war & HK unrest,” it said on Twitter, referring to months of pro-democracy demonstrations in Hong Kong.

The promotion, now in its 11th year, began at midnight with Chinese bargain-hunters going online to snap up everything from electronics to clothing and household goods via Alibaba and rival websites.