Home Economy 11.11 Sales: Alibaba’s Singles Day strikes a muted tone as China’s economy...

11.11 Sales: Alibaba’s Singles Day strikes a muted tone as China’s economy slows and a tech crackdown continues

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But the tone at this year’s bonanza is a lot more cautious than it has been in prior years, as companies contend with rising inflation in a slowing economy and a regulatory crackdown on their operations.
Alibaba (BABA) launched the first Singles Day Shopping Festival on November 11, 2009. The event, which is also known as Double 11, is pegged to China’s informal, anti-Valentine’s Day holiday that celebrates people who aren’t in relationships. The date — 11.11 — was chosen because it is written as four ones, or singles.

Since that first occurrence, Singles Day has ballooned into a shopping frenzy observed not just by Alibaba, but also by other e-commerce companies that offer their own steep discounts and promotions. Deals take place over several days or even weeks. It has also spread outside of China, with Alibaba’s Southeast Asia subsidiary Lazada offering deals in Singapore, Malaysia, Indonesia, Thailand and Vietnam.

It’s an incredibly lucrative…

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